In the tumultuous landscape of the UK mortgage market, according to a survey by Confused.com, four out of five homeowners express that the current state of affairs in the mortgage market has taken a toll on their mental health. In fact, a recent survey conducted by Confused.com sheds some light on the struggles faced by homeowners, with a staggering two in five resorting to seeking therapy or counselling to cope with the stress. What can be done to help manage the anxiety? Read on for some ideas.
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.
Mortgage fears causing anxiety
Nearly 90% of respondents from the survey claimed to have remortgaged in the past, and now that they’re coming up on needing to do it again, it seems fear and anxiety are hitting because of the state of interest rates that face them. Due to the expiration of many fixed-rate deals, many homeowners are now dealing with the prospect of remortgaging. The environment they need to find a new mortgage in is more concerning than when they initially took out their loans, so they are understandably worried.
The stress of high interest rates coupled with the current economic climate might just be too much for some homeowners to handle. But, you don’t have to go through the stressful process of remortgaging on your own. There are things you can do and people you can work with who can help alleviate the burden of looking for a new mortgage deal.
Remortgaging can help you save
Despite the current state of the market, there can be savings found when homeowners remortgage. For many, the simple reality is that because they are approaching the end of their term, remortgaging is still a good strategy, but you have to remember to act as soon as possible so you have the best chance for a good deal.
Another way to ensure the best deal is to engage with a mortgage broker. They can help you access deals thanks to their experience and connections and can guide you toward the best lenders and products for your individual situation.
Other options to help you
There are other options that could help alleviate some stress due to your mortgage situation. Some lenders are offering the ability to move to an interest-only mortgage for a short period. Another option is to extend the term of your mortgage to help reduce your monthly payments. Both of these solutions are temporary measures if you are currently struggling with increased interest rates.
However, as there are benefits and disadvantages to each option, navigating these decisions requires careful consideration and custom advice to ensure the best outcome for the homeowner.
It’s important to realise that seeking help — whether that’s financially or for your mental health — is not a sign of weakness. In fact, it’s a wise move to seek assistance and take the steps toward financial stability. Don’t wait until it’s too late to explore your options, take action now.
While the current mortgage market may be causing stress and anxiety for many homeowners, there are proactive steps that can be taken. Remortgaging or seeking other options like going interest-only or extending the mortgage can term can all be successful with the guidance of a mortgage broker.
For help and guidance during the remortgaging process, or to explore other money-saving measures, reach out to an expert.
Speak with a professional to help ease anxiety
For help with residential or buy-to-let properties, get in touch with the experts at Dental & Medical Financial Services. We’re here to guide homeowners through the remortgaging process, ensuring they secure the best rates and can navigate the complexities of the mortgage market with confidence. Don’t wait until your mortgage expires; get started now.