You are here: Home - First Time Buyers - News -

Finding right property causes most homebuyer stress

Written by:
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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Six bank statement mistakes that can ruin a mortgage application

Being overdrawn and having a history of payday loans can be red flags to lenders when they...
Six bank statement mistakes that can ruin a mortgage application

How to remortgage: going direct vs using a broker

How to remortgage to a better deal - direct with a lender or using an experienced mortgage...
How to remortgage: going direct vs using a broker

Revealed: The winners of the Your Mortgage Awards 2020/21

Find out which mortgage lenders offer the best products and services in a highly competiti...
Revealed: The winners of the Your Mortgage Awards 2020/21

Guide to borrowing past retirement age

As an older borrower, you may be concerned that a lender will not offer you a mortgage pas...

Mortgage market biased against homeowners

Buy-to-let property investors are unfairly favoured in the mortgage market, an independent...

Should buy-to-let investors ‘go Dutch’?

The Netherlands is revealed as Europe’s top buy-to-let property hotspot

Private sector tenants in poverty double in decade

The number of private rented sector tenants in poverty has doubled in the last decade from...

Large mortgage broker firm launches with fees of over 1%

An insurance firm has launched a mortgage advice service

Second steppers targeting detached properties

Those living in their first home are increasingly looking to reduce the steps to their lon...

Mortgage Calculators