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Reduce the stress of the mortgage process

This does not constitute advice. Professional advice should be taken prior to acting on any part of it.

Dental and Medical Financial Services Limited is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority.

Buying a home is an incredibly exciting part of life, but the process can be difficult and filled with stress even during the best of times. It can There are ways to be prepared so you can make the whole process easier. If you’re finding the process time-consuming, frustrating, or even intimidating, here are a few ways to reduce the stress of buying a home. 

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If you’re self-employed

As many doctors are self-employed, you might be unsure if that will prevent you from securing a mortgage. Luckily, that’s absolutely not the case. Your mortgage application won’t be rejected simply because you’re self-employed, but you will have to do some extra prep work to ensure your application will hold up to scrutiny. 

There are affordability requirements potential borrowers are required to meet, so if you are self-employed, you’ll need to:

  • Prove your status as self-employed for at least two years.
  • Have proof of income. 
  • Document any additional income you have. 

This is an extra step that salaried employees don’t need to take so ensuring you keep accurate and detailed records will be essential. 

Lenders might limit the amount you’re able to borrow and in fact your options for mortgage providers might not be as varied if you’re self-employed, so don’t be afraid to shop around. Working with a professional mortgage adviser who knows the ins and outs of the process for the medical community will be a huge help and since they’ve been cultivating relationships with borrowers for years, they’ll be able to find the best deal for your individual circumstances. 

Know what you’re getting into

The vast amount and variety of mortgage products and deals available on the market can make it difficult to choose the right option for you. Some deals might be attractive because of their low fees, but be aware of hidden costs and the terms of your initial rate. Be sure you understand the difference between fixed and variable rate mortgages and the advantages and disadvantages of each. What you think is an opportunity to save money now might end up costing you more in the long-term. 

Learn the language that lenders use like ‘equity’, ‘gross’, ‘capital’, or ‘offset’, so you’ll know exactly what kind of mortgage you’re getting.

Make sure the timing is right

If your fixed-rate mortgage is coming to an end soon, you have no choice but to search for a new deal in order to save money on your mortgage payments. But, if you’re buying a new home or are a first time buyer, make sure that the timing of the purchase benefits you. When inflation rises, so will mortgage rates. Take advantage of the state of the market and interest rates available when they favour you, not lenders, to ensure a good deal.

Partner with a professional

The best way to ensure a stress-free mortgage application is to work with an experienced professional mortgage adviser. They know the process inside and out and can help you find the best rate and advise on the right mortgage for you. Plus, they have access to some products and lenders that might not otherwise be available to the general public.

To discuss how we could help you through the mortgage process, speak to Dental and Medical Financial Services at Medics’ Money today.

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What medical school didn’t teach us about money

“What medical school didn’t teach us about money” will give doctors a step by step plan to transforming your financial future. Enter your details to download your copy now

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