Research by Skipton Building Society has found that seven out of 10 first-time homebuyers are frustrated by uncertainty over completion dates, last-minute changes and unplanned fees.
These factors are found to cause undue stress, and there is also the fear that the purchase may fall through, the research shows. The Head of Mortgage Products and Proposition at Skipton Building Society, Jen Lloyd, said:
“Our research shows that while buyers are incredibly motivated, they face a disproportionate number of barriers – from saving for a deposit on one income to shouldering all the upfront costs alone.”
She says buyers should not be put off by these barriers, and recommends seeking support from a network of family and friends to cope with the stress of moving.
The largest financial worry is not just about the large deposit. People are often stressed when faced with unexpected costs such as furnishings and decorating expenses. Jen Lloyd suggests setting aside funds in case of unexpected costs. To help buyers, Skipton offers a Delayed Start Mortgage, which allows borrowers a payment-free period.
When considering buying a home for the first time, it is important to have a realistic budget for all monthly living costs, including mortgage payments, council tax, broadband and utility bills. It is also a good idea to include socialising, hobbies and entertainment in this monthly budget.
For house removals in the Liverpool area, talk to Merseyside Movers & Storers. The price we quote for home removals is what you pay, and there are no hidden or unexpected charges.
