First-time buyers have disclosed their biggest regrets, with many citing settling for an area they didn’t love and not using a mortgage broker as key missteps. A recent poll of 500 adults who purchased their first property in the last two years revealed that 82 percent wish they had made different choices. Among these, a third regretted not beginning to save for a deposit sooner, while 31 percent advised future buyers to set aside more funds for unforeseen expenses.
Furthermore, 18 percent expressed a desire to conduct more research into mortgage options, and nine percent would reconsider buying a leasehold property. Felicity Holloway, head of mortgages at Moneybox, which conducted the survey, emphasised the importance of seeking expert guidance when navigating the complexities of purchasing a home. She highlighted the need for resources to avoid common mistakes and make well-informed decisions throughout the home-buying journey.
One of the significant challenges faced by new homeowners in the past two years was preparing their finances for a successful mortgage application, with 25 percent finding this daunting. Additionally, 41 percent struggled to understand the most suitable mortgage options for their needs, while 23 percent found it challenging to determine the best time to buy during a volatile housing market period.
Looking ahead, 36 percent of recent first-time buyers believe that aspiring homeowners would benefit from more guidance on suitable mortgages, with 28 percent suggesting seeking support in selecting the right broker. Meanwhile, 27 percent stressed the importance of assistance in choosing a mortgage lender.
The recent first-time buyers have also urged the new government to provide support for those currently in the home-buying process. Specifically, 25 percent would like to see financial incentives for sellers to favour first-time buyers, and 22 percent support relaxation of mortgage affordability assessments. Additionally, 22 percent are in favour of exploring no-deposit mortgage options.
Felicity Holloway from Moneybox reiterated the need for careful financial preparation and collaboration with a trusted mortgage broker to secure the best mortgage deal. She underlined the importance of utilising expert resources to make the home-buying process stress-free for buyers. The message to potential buyers is clear: seek advice and do thorough research to avoid common pitfalls in the property market.