Buying a house is one of life’s exciting moments, but also one of the most stressful. So it’s normal to feel a little apprehensive about your decisions throughout the purchase. This is called buyer’s remorse and it’s most commonly felt in the quiet period between the mortgage application and the exchange.
Let’s take a look at why this happens and how you can feel more confident about the process.
What is the quiet period?
Once you’ve submitted your application, there’s nothing left for you to do than wait to receive the offer. And with no calls to answer or to-do lists to focus on, your mind can wander. Some buyers begin to ask themselves, “Is this definitely the right house?”, “Did I overpay?” or even “Am I making the right decision?”
These are all normal responses from the brain in the moment of buying anxiety, but they’re not helpful. So let’s look at how you can feel more confident about your decisions while you wait for approval.
How a mortgage broker can help keep the fear at bay
A mortgage broker’s job isn’t just to find you a good deal and then get your application approved. It’s also to make sure the mortgage works for your life.
It’s why we get to know your circumstances, so we can ensure that every decision you make is the right one for you. Here are a few of the ways we do that:
A valuation
A mortgage broker might insist on you getting a proper valuation on the property. Not only do they affect your loan-to-value, but they also ensure the home is worth what you’re paying, so you can rest assured you’ve put in the right offer.
Assessing the offer
This is how we make sure you’re not over-leveraging. Just because a lender offers you a certain amount, doesn’t mean it’s the right amount for you. Together, we’ll look at your lifestyle, your future plans, and how comfortable you are with risk. The aim is to make sure your monthly repayments aren’t stretching your finances to the maximum.
Clarity
When you’re clear on what everything means, it’s easier to feel confident. We explain your repayments, your mortgage rate, the mortgage options available to you, and how it all looks in the long term. This way, there are no financial surprises, and you feel clued up. This is especially important if you’re a first-time buyer trying to make sense of the house-buying process for the first time.
Spotting the difference between fears and red flags
There’s a difference between anxiety surrounding a big financial decision and genuine concerns. If it feels like something isn’t adding up, the numbers don’t feel right, or you already feel financially stretched, it might be a good time to slow down and check in with the process.
A good mortgage broker will revisit your budget, financial situation, and the offer to make sure the numbers work. If there is a problem, they’ll step in and fix it before you commit to anything.
Our top tips for calming buyer’s remorse
When anxiety hits, here are a few tips to keep you grounded:
Talk through any concerns with your mortgage broker, your partner, a friend, or a relative. Speaking with a friend or relative can help you make sense of the worries, while your mortgage broker can give you professional advice.
Revisit the numbers. Looking at your affordability in black and white can help remind you of the facts and guide your mind away from focusing on the fears.
Trust the process. Remember that the surveys, valuations, and legal checks you’ve undertaken are all designed to protect your investment.
The Mortgage Hut can help
Nerves surrounding a property purchase are normal, especially when you’re trying to make sense of the numbers. Working with an expert mortgage broker like The Mortgage Hut can help you make informed decisions that you can stand behind, even in the quiet period.
If you’re worried about a house purchase, speak to our friendly mortgage experts for advice.
FAQs
Is buyer’s remorse worse for first-time buyers?
It certainly can be. Buying a home for the first time is a big financial leap, and a pretty complex process to get your head around. Buyer’s remorse is common and usually fades away after completion or moving day. Remember that you can always go back to your mortgage broker for advice.
Why should you get a valuation when applying for a mortgage?
A mortgage valuation confirms the property is worth the price you’re paying for it, eliminating any doubt you might feel about your offer. It can also affect your loan-to-value, determining the rates you’ll pay.
Can I pull out from a property purchase if I'm unsure?
Yes. It’s legal to pull out of a property purchase before exchange of contracts in England and Wales but it’s wise to consult your mortgage broker before you make this decision. While you can walk away without penalty for breaching the contract, you will lose the money you already spend on surveys, searches, legal fees, and any other associated costs.
