According to research by Experian, mortgage confusion has proved to be the biggest challenge and confusion for those buying a home, with nearly a quarter of those surveyed revealing that this was a concern.
Surprisingly, more people felt that mortgage confusion was a bigger hurdle than securing a large enough deposit to buy a home.
The survey also found that over a quarter of those surveyed were relying on family to help them with a deposit, with the average amount required from family sitting at around £8,000. Even with the number of home buyers relying on money from family members, it takes the average first-time buyer between two and three years to save up enough required to get onto the property market.
The survey also found that the level of confusion surrounding the mortgage process is a result of the additional costs faced by buyers, with 29 per cent of respondents saying that they had underestimated the legal fees, arrangement fees and moving costs that fall over and above the figure required for the deposit. In addition, the study found that the younger the buyer, the more likely they are to underestimate these costs.
At The Mortgage Hub we can help guide first time buyers through the entire process, and as well as finding you the best mortgage deal for your individual circumstances, we can also advise you on your eligibility. We will also help you to work out the deposit you will need, and the amount you will require to pay other costs involved with buying your first home.
Don’t let mortgage confusion put you off from climbing the property ladder. Talk to us today.
The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.