Overcoming Common Home-Buying Anxieties to Realise Your Ownership Dreams

It’s an oft-used cliché, but a very true one to say that a home is the biggest purchase you’ll ever make, so it stands to reason that some approach doing so with a degree of anxiety. From choosing the right property to selecting a reputable mortgage broker, there’s a lot to consider, but at Yes Mortgage Services, we’re here to tell you that with the right help, buying your first home doesn’t have to be a trauma.

So, sit back while we take you through some of the common fears buyers have when considering taking the plunge into home-ownership and hopefully show you that whatever the issue, it doesn’t necessarily mean an end to your dreams of a place of your own.

“My credit score isn’t great…I’ll never get approved”

Whilst a bad credit score will make your application a little trickier, it doesn’t necessarily mean that you won’t get approved. True, you might struggle to get a mortgage with a high street lender, some mortgage brokers have access to the full market, including those lenders who care more about affordability than what your credit rating states. Our advice is not to give up before you’ve begun, as you might be surprised about what’s open to you.

“It’s a scarily big commitment!”

No one is going to argue that a mortgage is a big commitment, but when you look at the bigger picture, it doesn’t look quite so daunting. The fact is that rent is also a big commitment because if you don’t pay it, the results are the same – homelessness and you will typically pay much more to rent than you will to service a mortgage, with the added benefit of being able to benefit when your home increases in value.

“What if interest rates skyrocket?”

Interest rates have been at an historic low for almost a decade now and whilst they could go up, it’s unlikely that you’ll see rate rises as we saw in the late 80s. Also, there are mortgages out there that offer a fixed rate for up to 5 years at a time, so there are steps you can take to protect yourself against any potential increases. It’s something you need to keep your eye on, but it shouldn’t stop you from buying a property.

“What if I get buyer’s remorse?”

The concept of buyer’s remorse relates to taking the big step and almost immediately regret it, as aspects of your new property that you didn’t think were too important suddenly make you think again. You can never fully eradicate this possibility, but what you can do is be meticulous with what you want from your new home and sticking to it. Staying patient is key, as it’s easy to let your standards slip if you keep viewing houses that aren’t quite up to scratch.

“What if I can’t keep up with my payments?”

A very valid concern is knowing whether you can afford to keep up your monthly payments, however, during the mortgage application process, you will be looking very closely at your personal financial situation and you’ll gain a firm grip on the overall affordability of your purchase. By budgeting for absolutely everything including bills, food, petrol etc, you’ll know exactly what money you’ll have after everything (including your mortgage) is paid.

Talk to the Experts

It’s perfectly natural to feel a little anxiety when you’re thinking of getting onto the property ladder, so if you have any of these common home-buying anxieties we’d recommend that you have a chat with an expert in the field. At Yes Mortgage Services, we will do our best to allay your fears and we aren’t tied to just one set of lenders, instead you get access to the whole of the market and from our team, all you’ll get from us is honest, impartial advice. We make it our job to find the ideal products to fit your individual circumstances and we don’t even charge a broker fee, so our mortgage advice will cost you absolutely nothing.

Hopefully our answers to these common home-buying anxieties above have helped ease the fear you have, but I recommend also having a quick read of other blogs on this site or the FAQs. you’d like to book a free, no-obligation consultation, call us now on 0800 612 5595 or complete the contact us form and we’ll arrange a convenient time to come and see you – even if it’s in the evening once the children are in bed!

 

 

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A whole of market Mortgage Broker, who doesn’t charge you a Broker fee.

Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

We need to be honest with you… Your home may be repossessed if you do not keep up repayments on your mortgage.