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Finding right property causes most homebuyer stress

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15/07/2013
Homebuyers expect to worry most about securing a mortgage deal, but get more stressed by finding the right property.

Research carried out by the HomeOwners Alliance revealed that getting hold of mortgage finance was the number one concern expressed by aspiring homebuyers, followed by hidden costs, finding the right home for the right price and the conveyancing process.

But only a quarter of existing homeowners saw finding a mortgage as a stressful part of buying a home.

Instead, in reality, finding the right home, Stamp Duty, surveying costs and the conveyancing process were the biggest problems.

HomeOwners Alliance chief executive Paula Higgins said: “The difference is the aspiring homeowner is going into the unknown. It is quite normal that once they have been through the process it is easier.”

Aspiring first-time buyers and homeowners also showed a different attitude to housing market professionals.

Only 35% of potential buyers trusted mortgage lenders, but this rose to 40% among existing homeowners. Aspiring homeowners were also more likely to trust surveyors.

However, both groups displayed a similar lack of distrust for estate agents, with only 20% of those surveyed expressing even a fair amount of faith in this service.

Other stresses raised by homeowners included understanding the implications of different types of mortgages, financing a self-build home, accessing bridging finance and incompetent financial advisers.

Among those who had bought a new build, other concerns included dealing with the property developer and installing amenities like broadband internet.

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