Clarity Mortgage Solutions | August Newsletter

August Newsletter

With perfect timing, I chose to spend 6 weeks out of the country while you had the best summer in history!  It was mid-winter downunder. The day I returned, you had to get you coats out, my parched lawn being the only souvenir of an awesome summer missed!

Again, with impeccable timing, I found myself dodging earthquakes in Bali, a surreal and dangerous experience which I hope will never be repeated.  Imagine being on dry land which is rocking around as if you are on a boat with water splashing out of the swimming pool…….What I’m trying to say here is…do NOT come to me for holiday advice, only for mortgages and protection!

One of our Trade Magazines, Mortgage Solutions put out this article which shines a light on what First Time buyers experience when stepping onto the housing ladder.

Quite frankly, none of it surprises us as there are certain parties involved in the home-buying process (no names, no pack drill!) who view the process as a purely business transaction, when we all know it is also a highly emotional transaction, frequently of roller-coaster proportions!
There are many reasons why house transactions fall through, some coming at you from extreme left-field!  However, Scotland fares better as, unlike in England, there are no long and fragile ‘chains’ to deal with.

At Clarity we always take the time to fully understand our client’s needs and wishes.  Metaphorically speaking, we see ourselves as taking the client by the hand and navigating them through the process, we don’t work for the banks, we work for you, the client.  We are the ones who get the bouquets and brickbats depending on our client’s overall experience.
Although in our defence………. it’s not our money. Of course, we cannot make promises based on other parties’ actions but we can absolutely promise that we will do our best in aiming for a happy outcome!

by: Joanna Faith

  • 13/08/2018

Over half of aspiring homeowners were made ill by the stresses of the buying

First-time buyers are sacrificing health, relationships and careers to get on the housing ladder, research shows.

Over half of aspiring homeowners were made ill by the stresses of the buying experience – up from just over a third in 2017, a survey by challenger bank Aldermore found.
And 46% said the house purchasing experience caused issues in their relationship, up from 34% last year.

This may not come as a total surprise with almost half of first time buyers having a property fall through.
Wannabe homeowners also seem prepared to make career changes to get their foot on the property ladder with 43% of recent first time buyers saying their gave up being self-employed due to the difficulties of securing a mortgage. This compares to 32% in 2017.

Damian Thompson, director of mortgages at Aldermore, said: “With the average first-time homeowner taking almost six years to get on the property ladder, it is understandable that they will face challenges and hurdles along the way. However, it is concerning how negatively the house buying process is impacting health, personal relationships and careers.”

Nicky Lidbetter, chief executive of Anxiety UK, said: “Moving house can be a stressful event for anyone and frequently represents a time of transition and change. For first time buyers, typically young people, this big life event can come at a time when people are already coping with other life stressors including maintaining employment, building relationships and starting a family.

“As such, I am not at all surprised to hear that their wellbeing has been found to be adversely affected through the buying process, particularly with the rise in house prices. This has been somewhat reflective of the increased rates of anxiety, stress and anxiety-based depression that we are seeing in all areas of society, and indeed here at Anxiety UK.”

Worth it in the end

Despite the sacrifices first-time buyers make, there is light at the end of the tunnel once they have the keys to their new home. Over seven in 10 believe the stress was worth it in the end, compared to just over a half in 2017. And 84% found the experience empowering compared to 69% last year.

Seven in 10 believed buying a home with their partner has brought them closer together. This is up from over a half in 2017.

Until next month,

All the best,

Alan and the Clarity team

Contact details:

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For our personal attention to your immediate needs:

Alan Frendo CeMAP

[email protected]
07952 986485

Greg Edmunds CeMAP
[email protected]
07969 562747

David Murray CeMAP
[email protected]
07855 045423

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