A recent study has revealed that a quarter of first-time buyers in the last year opted for the first mortgage they came across, without comparing any details of rates, fee, terms.
The majority (62%) went with their existing bank for their mortgage, with 21% saying they couldn’t be bothered to look elsewhere, 13% wanting to buy quickly and 11% saying it didn’t occur to them to look elsewhere.
A third (33%) admitted that they’d ended up putting in an offer on a property before knowing whether or not they could actually afford it, only to be later told that they couldn’t get a mortgage for that particular home.
Some 85% admitted that, as first-time buyers, they’d found the whole process of buying a home ‘confusing’. A further 61% said that they felt there wasn’t enough help or guidance given to first-time buyers.
This shows a worrying trend, simply expecting your bank to find you the best deal could cost you thousands of pounds.
Buying a house for the first time is both daunting and exciting, at Choice we ensure all our First Time Buyers receive advice they can understand, in plain language and provide a helping hand all the way through the process from making your mortgage offer to completion and beyond.
For more top tips read our First Time Buyers guide here.