Things to Consider When Applying for a Mortgage in Tough Times

Exterior Home Maintenance Checklist

Let’s face it, the current outlook isn’t great. We’re in a cost of living crisis, the like of which none of us have experienced in our lives. There’s a lot of uncertainty around the markets and economy, and with interest rates continuing to rise, it’s probably one of the worst times to be in the market to buy property.

But many experts will however say this is the best time to buy as the conditions make it the perfect market for buyers. We went through a self build project about 5 years ago and this involved a lot of time shopping around for the best mortgage. We continue to look for other investment opportunities and mortgage options so we thought we’d share a few tips from our own experience.

We’re not financial or mortgage experts or advisors, so the following is just from our own experience, as point one will highlight 🙂

1. Seek Out A Mortgage Advisor

A mortgage advisor is an invaluable resource. The right advisor will have seen all the ups and downs in the market and will be able to tell you how to navigate everything right now.

They may recommend you hold tight for a little while and wait because of the market uncertainty or they may advise to strike while the iron is hot! They can also help you shop around and look for the best rates on the market to suit your current financial situation.

We used a mortgage advisor for our self build project and it was crucial to us getting what was required to complete the build. They take you through the whole process, discuss all the options available to you and find the best solution for you (assuming you’ve picked a good advisor).

2. Talk to Friends and Family

When it comes to picking a mortgage advisor we’d recommend getting feedback from others. Ask friends and family who they have used and what the experience was like, and check online for reviews.

One of the biggest obstacles for many buyers is lack of finance or previous credit issues, so a mortgage advisor can help guide you to find the best bad credit mortgage lenders.

An advisor can do a lot for you and take away a lot of the pain of finding a mortgage. You should never feel like you are winging it through the process, so get one that you trust.

3. Navigating the Process

Some mortgage lenders are building the increased cost of living into their affordability calculations. The reality is that if you are buying a home, you need to show that you can afford the monthly mortgage payments, bills, rates, and other monthly outgoings.

What you need to do is to become more frugal, especially in the run-up to applying for a mortgage. It’s recommended that you spend three months prior to applying for a mortgage cutting back on all of the essentials.

When you apply for a mortgage, lenders are going to nitpick every aspect of your bank statements. It’s not just about you being able to show that you can afford everything, which you might actually be able to.

4. Understanding the Bigger Picture

If you are hoping to buy a home during this tough time, you may need to make a concerted effort to reduce your outgoings. You should take the opportunity to evaluate your family finances and make cuts to the things that you know are not necessary.

But you also need to recognise that if you are trying to buy a property now, the current market conditions means that house prices are likely to drop. It may become a buyers market but uncertainty can also make lenders less likely to lend money, which is why starting out by talking to a mortgage advisor is a good first step.

Getting yourself into the best possible position right now is the best thing you can do. You may be better off waiting a few months just to see how the impacts of everything are going to hit the housing market.

It may seem bleak, but the reality is that while there may be a couple of tough years ahead, this will be the biggest test on you, your family, and your finances that you will ever face. So take the time and consider every investment, especially a property purchase, before making the plunge!

Got Something to Add?

Share your tips or experience to getting a mortgage and buying a home with us in the comments section below.

Until next time, thanks for reading.

Helen, Nial, Lewis and Mason.


Welcome to Pikalily, an award-winning food, travel and lifestyle blog. We are Nial and Helen, a happily married couple from Northern Ireland, who share a passion for food and travel among many things. We became parents to our beautiful boy Lewis in 2017. Follow our adventures through the blog.

Find me on: Web | Twitter | Facebook

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