First-Time Buyers Share Their Top Regrets
First-time property buyers have opened up about their main disappointments, highlighting settling in an area they did not love and not seeking help from a mortgage broker. A survey of 500 individuals who purchased their initial home in the past two years revealed that 82% wish they had made different choices. Some expressed regret for not starting to save for a deposit sooner, while others emphasized the importance of setting aside more money for unexpected expenses.
Here are the key revelations from the survey:
- 33% wished they had begun saving for a deposit earlier.
- 31% advised future buyers to save more for unforeseen costs.
- 18% realized the need for more research on mortgage options.
- 9% would reconsider buying a leasehold property.
Felicity Holloway, head of mortgages at Moneybox, the organization behind the study, highlighted the challenges faced by first-time buyers. She emphasized the importance of seeking expert guidance to avoid common mistakes and make informed decisions throughout the home-buying process. The research indicated that many new homeowners found preparing their finances for a mortgage application to be a significant challenge. Understanding suitable mortgage options and the right time to purchase during market fluctuations were also cited as hurdles.
The survey also revealed that recent first-time buyers believe future buyers would benefit from more guidance on suitable mortgages and selecting the right broker and lender. Additionally, respondents expressed a desire for government support for those currently navigating the home-buying process. Suggestions included financial incentives for sellers to prioritize first-time buyers, relaxation of mortgage affordability assessments, and the consideration of no-deposit mortgages.
Felicity Holloway of Moneybox emphasized the importance of careful financial preparation and early engagement with a trusted mortgage broker to secure the best mortgage deal. She encouraged the use of expert mortgage brokers without additional charges and advised choosing brokers offering a wide range of options to find the most suitable deal.
In conclusion, the study underscores the importance of expert guidance and thorough research to ensure a successful home-buying journey, ultimately setting buyers up for long-term success. It is clear that first-time buyers can benefit greatly from seeking support and education throughout the process to avoid common pitfalls and secure the right mortgage for their needs.