A recent survey showed that people are wasting thousands of pounds because they have apparently developed a fear of the mortgage-buying process.
This is according to Trussle. They found that nearly one in 10 people found the process so stressful as a first-time buyer. That they also do not want to ever apply for a mortgage ever again.
This includes getting a second mortgage. Which 9% people said they did not want to do. Or buying another house, something which was beyond the pale for 13% of respondents.
Other people reported having to take time off work in order to sort out their mortgages. Others were reduced to tears through the stress and anxiety of it all.
It is well-known that buying a house is one of the most stressful things that you can do, but these findings are disappointing.
Firstly, we are talking about a lot of people. The estimate is that 9% equates to one million homeowners nationwide. Secondly, they are unnecessarily paying out an estimated 9.8bn collectively.
This is because by not doing anything, they will simply move from an introductory rate to their lender’s standard variable rate and will be facing higher repayments. By remortgaging, they could reduce their payments significantly.
No-one is pretending that applying for a mortgage is always easy. Especially if you have an adverse credit history and have to jump through a load of hoops to satisfy the lender’s criteria.
However, my advice is to regard that first incursion into the world of mortgage finances as the first step on a mortgage journey – and to visit a good independent adviser who can source deals from the whole market and then stay with you for the ride.
I say this because your relationship with the mortgage industry is a long-term one. It is the biggest investment you will ever make, it will take you years to pay it off and, ideally, you should always be open to changing deals until that happy day when you have repaid your debt.
There are a number of reasons to switch. Maybe you are coming to the end of your fixed rate, maybe you have paid sufficient money and your house has increased in value enough to put you into another interest rate bracket. Or maybe you want to borrow more in order to make improvements.
Whatever your situation, there is invariably a good deal out there for you, so you benefit from paying attention. Better still, your independent mortgage adviser will pay attention for you.
Yes, there is all that work to do at the outset. Just as there is when you are seeing a solicitor, or an accountant, or any professional for the first time. However, your adviser will have much of the necessary information on record for the next time you go looking for a deal.
Ideally, their help and expertise will have made your first incursion into mortgage buying as pain-free as possible. So there is no need for you to fear a return to the market. We will save you anguish, tears and thousands of pounds along the way.
If you would like more advice or more information ring us on Freephone 0800 103 2655 or 01332 821 340. Alternatively, fill in the form to the side of the page and we will get in touch with you.