4 helpful mortgages lessons you can learn from popular property shows

It’s often said that Brits are obsessed with buying their own homes. But it doesn’t end with our property. The popularity of TV shows like Grand Designs and Location, Location, Location proves we can’t get enough of the property market.

As well as showing off the latest interior design trends or bargains you can find at auctions, there are some helpful mortgage lessons to pick up in the shows too. Read on to discover four of them.

1. Put yourself in the best position to move quickly

How many times have you seen people miss out on a property they wanted because they delayed their decision or didn’t have everything in order?

It can be frustrating to see a property you want slip away. Sometimes, there’s nothing you can do about it, but getting your paperwork together now could reduce the chance of it happening. It might mean that if your dream property comes along, you’re in a position to move quickly.

One useful step to take is to obtain an “agreement in principle”. It’s a way to find out how much a lender could allow you to borrow through a mortgage.

Often you can fill out the necessary forms online and receive an instant response. It could help you narrow down your property search to suit your budget and mean you feel confident putting in an offer when you find the right home for you.

Keep in mind that an agreement in principle is not a guarantee. When you make a full application, the lender could change their decision or the terms offered.

A mortgage broker could help you at this stage by reviewing potential lenders for you.

In addition, organising the paperwork you’ll need when applying for a mortgage could make the buying process smoother. You’ll need to provide proof of identity and address. In addition, you’ll usually need to provide evidence of your deposit, income, and outgoings.

For some sellers, a buyer who’s in a position to move quickly might be attractive. Letting the seller know you already have an agreement in principle in place could sway them in your favour if they receive multiple offers.

2. Be realistic about what your budget can buy

When you’re searching for your next home, it’s common to have a checklist of must-haves. Perhaps you want an open-plan space for entertaining, a large garden to indulge your hobby, or an extra bedroom so your grandchildren can visit on the weekends?

Yet, it’s important to be realistic too. Countless guests on property shows have been left disappointed when their budget wasn’t enough to buy the property they’d set their heart on.

As mentioned above, completing an agreement in principle with a mortgage lender could be a useful exercise that helps you understand what is realistic for you.

Keep in mind that you don’t have to use the same lender when it’s time to apply for a mortgage – you could still shop around to find the right lender for you and, potentially, a more competitive interest rate.

Once you have a clear budget, start to look at what’s available in the area you’d like to buy online. It could be a good indicator of whether your goals are realistic or if you might need to compromise in some areas.

3. Seek out valuable expert advice

The likes of Kirstie Allsopp and Phil Spencer are often on hand to guide home movers, and they can prove invaluable. They might find the perfect property that the buyer has previously overlooked or dismissed, or negotiate on their behalf to secure a lower sale price.

Experts can be just as useful when you need a mortgage too. When you’re searching for a mortgage, there can seem like an overwhelming number of options and you might be unsure about which lenders are more likely to accept your application.

A mortgage adviser will take the time to understand your circumstances and needs to offer tailored guidance that may help you secure the competitive mortgage you need to buy your new home.

4. Assess your financial resilience

While a mortgage lender will carry out affordability checks, it may be worth reviewing your finances too. Are you comfortable with the mortgage repayments?

Grand Designs episodes revisiting previously featured projects often come with tales of spiralling costs and unforeseen expenses. Some of the ambitious builders and renovators are even forced to sell the properties they’ve poured everything into because they are no longer affordable.

You might not be taking on a huge property project, but making sure your finances are in a good position to take on a mortgage could put your mind at ease.

While you don’t know what’s around the corner, you can take steps to improve your financial resilience if the unexpected happens.

A mortgage is often one of the largest loans you’ll take out, so you might want to consider how appropriate financial protection may improve your ability to overcome shocks. For example, income protection could provide a reliable income so you’re able to meet essential outgoings if you’re unable to work due to an accident or illness.

We could help you secure a mortgage that suits your needs

Whether you’ll be moving into your dream home or need to remortgage your current property, we could help you secure a mortgage that suits your needs. Please contact us to talk to one of our team.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.

Note that financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.