Even though buying a home should be a joyful process, it’s often filled with stress. It’s a major, long-term expensive decision. A lot of time and effort goes into preparing for applying for a mortgage and if the whole idea intimidates you, you’re not alone. But it doesn’t have to be a stressful process – here are a few ways to make applying for a mortgage stress-free.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Mortgages for self-employed people
You might think that being self-employed would preclude you from securing a mortgage, but thankfully, that’s not the case. Being self-employed won’t automatically mean your application will be refused, you just might need to do some extra prep work to ensure your application is desirable.
To meet affordability requirements as a self-employed mortgage applicant, you will need to prove you have been self-employed for at least two years and how you earn income. You’ll also need supplementary documentation that other salaried employees won’t need to provide.
You might also be limited to certain lenders or borrowing amounts – a professional mortgage adviser would be best to help you with the process.
Understand the mortgage business
There are so many different mortgage products and deals available on the market, it might be difficult to ascertain exactly what your bottom line will be.
If you find a deal with low fees, there could be hidden costs, or terms might be unclear and your initial rate won’t last as long as you think. If the base rate is low, variable-rate mortgages might seem like a great idea, but do the potential savings outweigh the stability of a fixed rate?
If you’re confused by some of the language used by lenders like equity, gross, capital, or offset, then you won’t have a good understanding of exactly what deal you’re getting.
Partner with a professional
Of course, the solution to a streamlined, stress-free mortgage application is to work with an experienced professional mortgage adviser. They know the process inside and out and can help you choose the best rate and offer advice on which mortgage is right for you. They also have access to some products and lenders that might not otherwise be available to you.
If you’re worried about securing a mortgage as someone who is self-employed or a complete novice when it comes to the world of mortgages, a professional mortgage adviser is your best bet to get you through the mortgage application process.
To discuss how we could help you through the mortgage process, speak to Dental and Medical Financial Services today.
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