Financial Conduct Authority No. 952718

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Buying A House: More Stressful Than Covid?

21 Apr

Mortgage News

A recent survey from Stipendium has highlighted that 85% of recent house buyers experienced some level of stress during the process of buying their home, with 27% stating that they found the process very stressful. Amongst other stressful life events, buying a house ranked top of the list, surprisingly over Covid, Brexit, having a child, getting married, getting divorced, preparing for job interviews, and even going through redundancy.  

For 26% of respondents, there have been longer-term effects of their buying stress. This proportion of respondents said that their buying habits caused an exacerbation of their existing mental health condition, or that their mental health deteriorated as a result. So, with this in mind, how can you limit your stress levels when buying a house?

Our independent mortgage brokers in Northamptonshire can help guide you through the process and provide advice on what to expect. For more information on the key things to expect from your house purchase, check out our guide below on the key stressors identified by buyers.

What Factors Did Homebuyers Find Most Stressful? 

The survey from Stipendum aimed to look at what was causing the most problems for homebuyers. Unfortunately, despite the rise in housing demands, the process of purchasing still remains one of the most outdated and time-consuming processes with varying levels of certainty throughout. Key stressors include: 

  • Lack Of Certainty and Delays
  • Lack Of Communication 
  • Hidden Costs 

Lack Of Certainty and Delays When Buying A Home

The highest-ranked stressor cited was the lack of certainty that buyers faced around when their house or property purchase would be complete, followed by the time taken to buy a home in the UK. Buyers face the risk of the transaction falling through at any point before the sale has been formally completed, along with delays to their purchasing timeline. Combined with a lack of communication from industry professionals, it is understandable that this can create a heightened sense of stress for buyers. 

Lack Of Communication When Buying A Home

As above, not being kept well-informed by their solicitors or estate agents was also ranked as another key stressor during the purchasing process. Many homeowners stated that they were often unable to contact their solicitors and were “kept in the dark” about what was going on with their purchase, which caused further stress. Not only can the sale itself suffer as a result of a lack of communication, but it can also take a toll on the mental health of the buyers and sellers themselves.

Hidden Costs When Buying A Home

Other stressors cited were the hidden costs and fees of the professionals, additional charges, and the overall financial commitment that comes with a mortgage.

With CG The Mortgage Experts, we offer a 100% free mortgage broker service, and without any additional hidden costs. Our Mortgage Brokers in Kettering also have access to 1000s of mortgage products available on the market (“whole of market”) and will help you choose the best mortgage for your situation.

Speak To One Of Our Mortgage Experts Today! 

We know how stressful it can be if you’re a First Time Buyer unsure of the process. At CG The Mortgage Experts, we’re committed to making the process as streamlined and stress-free as we possibly can. We take the time to discuss your needs and priorities so we can better understand your preferences when viewing the products available. 

If you’re ready to take the next step and want to know how much you’ll be able to borrow, get in touch with our mortgage experts today for more information, and to book your free, no obligation appointment (often same-day!).

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