Moving home and securing mortgage causes stress

Securing a mortgage agreement in principal is one of the many tasks that individuals have to complete before buying a property and research has highlighted that many believe the whole process of becoming a homeowner is the most stressful thing they will encounter in their lifetime.

Alongside ensuring that a mortgage deal is in place, people also have to make sure that all of the relevant searches have been carried out on a property, that they have saved enough of a deposit and have the funds to pay any solicitors' fees that may exist.

Research from advice website Unbiased.co.uk has found that almost a quarter (24 per cent) of homeowners believe that moving house is the most traumatic thing they have ever encountered, even more so than starting a new job or arranging a wedding.

This was especially the case for people in their 20s, with the figure climbing to 37 per cent for individuals in this age group.

Meanwhile, a breakdown is also noted on which elements of the process that homeowners find the most stressful, with 35 per cent of respondents believing that locating the right property caused them the biggest worry.

This was a particular fear among the older generation, with 47 per cent of those aged over 70 concerned about the challenge of finding a desirable home.

A further 12 per cent felt that arranging a mortgage caused them the most tension, with Karen Barrett, chief executive of Unbiased.co.uk, highlighting that using a whole of market broker is one way that stress can be relieved.

She said: "Seeing a whole of market mortgage adviser is a good step in getting help and advice.

"They have access to products from the whole of the market, ensuring that you find the best possible mortgage for you."

Among the many factors that a homeowner must juggle when deciding the best deal are the amount of interest they will be paying, considering an interest only mortgage, whether to choose a fixed rate or tracker mortgage and the cost of a mortgage arrangement fee.

One thing that potential homeowners are advised not to do is get pressured into using an in-house mortgage broker that is linked in some way to the estate agent a property is being purchased through.

Speaking to the Daily Telegraph, Ricky Knight, director of Financial Brokerage in Milton Keynes, highlighted that first-time buyers are particularly at threat of falling into this trap and not seeking alternatives in the market place.

He explained: "Most estate agency-based brokers are tied to either a panel of lenders and insurers or even just one, so you are probably missing out on the choice of deals available."

Meanwhile, another suggested strategy for a homeowner to employ is attempting to bulk up the amount of deposit they can put forward, as this will open additional doors in terms of the number of mortgages available.