Getting a mortgage is both easier and harder than pre-pandemic, depending on who you are, and where you’re based, but it’s always stressful.
Alexandria Blaelock, author of Ms Blaelock’s Book of Holistic Personal Finance says “Pick your mortgage provider carefully – you’ll be in it for most of your adult life.”
Here are Blaelock’s tips for getting a mortgage:
- Practise living with the payments: while you’re saving, try practising to live with the repayments. Where can you economise, and how comfortable you will feel doing it for years.
- Pick your lender by rate and fees: don’t be taken in by free offers – the cost of them is already included in the interest rate.
- Don’t fudge the numbers: be as honest as you can in the application. It does mean you risk a decline, but neither you nor your bank wants you to overextend yourself. This is probablt the only thing you will ever agree on.
- Don’t borrow more than you can afford to pay at 3% higher: similarly, you don’t want to have to give up eating to avoid a foreclosure, so build in a margin.
- Pick the best offer: fixed, variable or proportional: each has its own benefit for different stages of your life.
Alexandria’s tip getting a mortgage will help you live a happy life free of mortgage stress.
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