First-Time Buyers Mortgage Stress

Is Getting Your First Mortgage Stressful?

Homeowners often say that buying their first property was one of the most stressful things they have ever done.  I wonder if subsequent purchases were just as stressful?

Let’s face it, the home-buying process is not easy even in the best of markets so it must be a terrible shock for first-time buyers.   A first-time buyer currently has the initial worry of just getting a mortgage at the moment.  Most first-time buyers need a 25% deposit in order to secure their first mortgage so think about the stress in finding that kind of money.  Then there is the current market conditions, is the property valued correctly, is it really worth that much and what will it be worth in a few years time?  There’s the issue of finding a good solicitor and understanding the legal process they will have to go through and going back to the mortgage issue, whether to get advice from a broker or go direct to a lender and do their own research?  To top it all off, once the first-time buyer has got this far and found a property, made an acceptable offer and proceeded with all of the legal and financial work, they then have the worry of the chain falling apart.

It’s no wonder the home-buying process is so stressful but it must feel ten times worse for first-time buyers.  Is there a way to stop or relieve this stress?  Well, not really.  The only options that might ease the pressure could be shared ownership schemes (but finding a mortgage might be more difficult) or asking for parental help with deposits etc.  The brokerage community genuinely feel that they can and do help in offering advice to first-time buyers and holding their hands through the process so it’s worthwhile just having an initial consultation with a broker just to see if it could make things easier during the home-buying process.

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