One in five regret property decisions
One in five regret choices around property, according to Partnership.
The specialist insurer asked 2,000 people what their biggest financial mistakes were and, while 5% said they hadn’t made any, the vast majority of people wished they had made different choices.
Not saving enough, getting into debt and being unable to earn more are the biggest financial mistakes people highlighted.
Plus a significant 23% said that they hadnn’t made wise choices around property.
Delaying buying a house was the biggest mistake cited by 7%, while 5% felt that buying a property was not ‘good value’. And 2% reckoned they lost out financially by delaying remortgaging.
In addition, one in 10 regrets getting married and subsequently divorced. This often means that the family home needs to be sold, so the number of people who are unhappy about choices that they have made around property may well be far higher among divorcees.
Mark Stopard, Partnership’s head of product development, said: “Up to one in five regret choices that they have made around property which is understandable as for most people buying a home will be the single largest purchase decision they will make in their lives. However, when you look at what these mistakes were, some of them could have been avoided if they spoke to a mortgage broker.
“A good broker would not only highlight when the best time to remortgage is but also warn people about overextending themselves and putting choices on hold – problems which could well be the root causes of some of these regrets.”