You’ve considered exercising, meditating, and eating healthily. But have you ever thought about improving your overall wellbeing by taking out a mortgage? This may sound strange, but there is some evidence to suggest that taking control of your finances is a proven strategy towards boosting your mental health. If you’re someone who pays rent now, buying a property and pumping your money into a mortgage may give you a much-needed lift in your life.
How Can You Take Out a Mortgage?
One of the reasons why some people may have not opted to take out a mortgage yet is that they believe it will be a stressful business. In fact, the industry is shedding this image thanks to the internet. Now, using online tools, aspiring homeowners can easily check their credentials and see if they are eligible to get a loan.
Not only is it straightforward to get going, but it is also a speedy process. Trussle is an example of a fast mortgage broker where users can get fee-free advice in 24 hours. From there, they can expect to get a decision on their mortgage within five days. This means that there is no extended worry period. People can get a quick answer and then move on with their lives appropriately afterwards.
What Does the Research Say?
There has been a vast amount of research into the links between money management and mental health. According to an article published in Manulife, healthy finances equate to a healthy life. In a survey, 42 per cent of respondents said that their greatest stress in life was money. And the sad news is that stress has been linked to some serious health problems such as heart disease and high blood pressure. Therefore, it is wise for people to do everything they can to combat this.
Some of the suggested options for dealing with financial stress include having a plan for the future by saving each month. One of the best ways to do this is by taking out a mortgage. Yes, you must make monthly payments towards it, but this can be seen as an investment as the value of the house will escalate over time. In contrast, paying rent monthly does not represent a way to save for later life.
Owning a House Will Provide a Sense of Security
Owning a house could help to improve your mental wellbeing in that it will provide you with a sense of security. According to Abraham Maslow’s Hierarchy of Needs, safety is one of the most basic human necessities. When we know that this is covered, it allows us to focus on other important areas of our lives such as personal development. In contrast, when renting a property, you are always at the mercy of the property owner. For this reason, it is never possible to fully relax.
In addition to having better mental wellbeing, there are a few other ways in which homeownership can be good for your health. For instance, you could grow your own vegetables in the garden or install some fitness equipment in a spare room. Getting a mortgage is certainly something that everyone should consider.
