The M Word... "Mortgages"

For January, the month of resolutions and optimism about the year ahead, Thoughts of a Family Solicitor will feature weekly articles discussing a different ‘M’ word... the second in our list is: Mortgages.

Mortgages

Why Don't We Discuss Them?

Potentially closely tied in with last week's observations (a reluctance to talk about Money) Mortgages appear to be a similarly socially awkward subject. Whether that's a Mortgage that you've already got, or it's your first time buying and you're exploring the plethora of different products that are available.

The author's contemporaries are often at a stage of having built up / inherited / been gifted their house deposit so that they can get on the property ladder, but asking them how they found the process of finding and applying for their Mortgage, or how they're managing with this new financial obligation is rarely raised. (Though it is accepted that such questions should hardly be a first response to the cries of "I've/We've just bought a house!" and the far better response is to pop open some bubbles!)

Why Should We Discuss Them?

A general air of privacy around the subject of Mortgages means that first-time buyers are left to rely on internet searches, and perhaps bringing on board a Mortgage Advisor, to help them navigate the way forward. Ideal sources of information as these may be, it may be causing all manner of stress when doing their personal admin of an evening/weekend, at times when advisors are (quite rightly) unavailable. Being able to turn to a trusted friend or family member could help alleviate some of the confusion or stress. There's clearly a reason why TV adverts for Mortgages often focus on simplifying the process and taking the stress away (from the eye-catching animations of Habito, to L&C Mortgages' Swan Advert).

Drawing on the experience of others can not only help consumers to understand the world of Mortgages, but it can also lead to information sharing. Learning about ways of saving for a deposit, and different Mortgage products, through friends, family and professional contacts, can streamline your search as well as providing you with some feedback from someone who's got personal experience. It's all fine and well for adverts and websites to say (for instance) that the application is simple, or that "all you need is...", but checking with friends and family who have been through the process could let you know of any pitfalls or top tips to help you on your way.

On a different note, but one previously mentioned, being open with trusted friends and family members about your finances can help them to help you, especially if you're running into difficulty. They may be able to offer advice, signpost you to someone who can help, or even help you out with a small loan if you're in a pickle. They can also simply be there for you when you need them most. Falling into Mortgage arrears can have a devastating effect on mental health, and drawing on a support network could help to navigate such circumstances - for help with dealing with Mortgage arrears, please click here for some information and advice from National Debtline.

"I get by with a little help from my friends" - The Beatles, 1967

Sharing is Caring

Sharing your experience with others could help them on their way to alleviating the stress that often comes with Mortgages / remortgaging. Creating the environment for your friends and family to discuss Mortgages (and other Money matters) openly strengthens your support network, and sets you (and them!) in good stead for dealing with Money confidently and healthily in future.

Mortgages... let's talk about them!

(You may have noticed that so far we've had two M words - Money and Mortgages - and that these words are capitalised throughout the article, to draw them to your attention!)

Join us for next week's M word: Marital Agreements.

National Time to Talk Day is on 4 February 2021 - it is a day dedicated to raising awareness of mental health, and encouraging everyone to discuss mental health and mental ill health openly. For more information, please visit: https://www.time-to-change.org.uk/get-involved/time-talk-day

Thoughts of a Family Solicitor is a series of fortnightly articles on Family Law issues, networking, and other interesting subjects that come to mind as we go!

Disclaimer: this article does not seek to provide financial advice, and should not be read as such. If you have any queries, please contact the author via LinkedIn or at [email protected]