Share the things you wish you’d known before getting a mortgage with Habito - £300 voucher to be won! NOW CLOSED

[JustineBMumsnet]

Whether you’re buying for the first time, moving house or remortgaging, getting or changing a mortgage can be a daunting, time-consuming and confusing experience. Online mortgage broker Habito would like you to share the things that – with hindsight – you wish you’d known before getting a mortgage.

Here’s what Habito have to say: “Habito is the world’s first digital mortgage broker. It searches the entire market and enables you to apply online for a mortgage or remortgage quickly all online without any cost”

So, if there’s anything you wish that you’d known before you decided to take the plunge and get a mortgage, share this below.

Also, if you’re considering getting a mortgage or remortgaging, feel free to head over to Habito and see if they could help.

All those who post a comment on this thread will be entered into a prize draw where one MNer will win a £300 voucher for a store of their choice (from a list).

Thanks, and good luck!

MNHQ

Standard Insight T&Cs Apply

I wish I know how long it would like to find a house and get a mortage approved .

That you don't have to take it over 25 years, that it could be less. That endowments were a bad idea... That overpayments and term make such a difference to the long term cost.

I wish I had been more sensible and instead of going for the largest amount, gone for something smaller so we could enjoy life a bit more and not worry about paying the mortgage every month. Hey ho.

I was in a very lucky position that I worked in financial services and had a good understanding of mortgages when we bought our first house. The things I wish I'd know were more to do with the house we bought and the stupid things we only found out after moving in...like the shower that said "non functional display model" on it! hahaha!

Credit ratings and how much impact they have

That however hard it feels to pay that first mortgage, it will seem like very little thirty years later!

• SAVE SAVE SAVE to have good deposit
• build strong credit rating
• get good independent broker
• read all the print! - big and small!
• then SAVE SAVE SAVE some more!!

Brokers are your best friend. And for the love of God get home insurance.

I wish I had improved my credit rating before going for a mortgage, it would have made it so much easier! Plus I could have got a better mortgage rate so paid back less in the end.

I wish I had saved for a bigger deposit and had looked around for a good
independent mortgage broker.

A realistic conversation about finances and a five year plan at least for the future to make sure we were in a secure position.

i wish i hadn't put down so much of deposit as we could have used it for doing up the house!

To over pay right from the start

To find a mortgage that allowed routine overpayments without penalty, and the importance of using that facility to reduce the amount of interest paid over time.
That extending yourself for a mortgage is pointless - better to use the above facility in times of plenty, and be able to manage routine payments in times of need.
To ask way more questions and try to factor in different different life events and financial situations.

I wish I had known how stressful it would be taking on a mortgage on my own with a five time multiplier. I didn't fully appreciate how crushed with debt I would feel nor how that would impact my day to day life. It set me up later in life but the first year was a miserable scary time that I often wished I had never bought in.

Wish I had never bought my house and just rented if for any reason you are out of work you get very little help with the payments, if you rent you can get your rent paid

I wish I hadn't just saved enough for a deposit but a bigger lump sum for all the things you find you need to do after you have moved house, or to cover anything that went wrong. It was such a struggle to save the deposit in the first place, that it didn't leave much room for any extras, and it's taken years to get myself in a good position again.

Got a fixed rate on a long term for 'good' financial planning but wish I knew interest rates would drop and then would have got a tracker

I assumed my bank would have given me the best offer so I went with them, turns out I was wrong. I wish i'd have known they don't give you any special deals being an existing customer

Make sure to shop around and not go with the mortgage broker's suggestion as they work on commision and do not always give the cheapest options

I would say definitely fine yourself an Independent mortgage adviser as they know and understand the market and will do their best to get you the best deal. They also do all the hard work regarding the mortgages/insurances and any other aspect of it. Dont just visit high street banks.

I wish I'd had a crystal ball to tell me what interest rates were going to do.

You wont always be able to afford the payments

I wish I'd known the interest rates would go so low and not taken out a fixed rate mortgage.

I wish I'd looked ahead and thought about possible job loss or cut of hours when becoming parents. Also double check all building and contents insurance and what you're actually covered for.