More than half are confused about what to do to take the first step up the real estate ladder – with the most common question being “What surveys do I need?”
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The top 40 questions asked by baffled first-time buyers are “Should I offer less than the advertised home price?”, “How much deposit do I need?” and “How long is my mortgage offer valid?”.
A study of 2,000 homeowners found that more than half (54%) were confused about what to do when taking their first step down the real estate ladder.
Of those, eight out of ten were too embarrassed to ask things like “What is stamp duty?” and “When do I have to pay everyone for the work?”
While those new to the intricacies of home buying also wanted to ask, “How do I choose a lawyer?”, “What surveys do I need?”, and “How much can I afford?”.
As many as 36% were confused by the whole sequence of events and two in five would have welcomed a helping hand.
Meanwhile, 60% felt overwhelmed when speaking to real estate agents, lawyers and mortgage advisors – with 68% worried about looking stupid.
Not surprisingly, nearly eight in 10 wish the home buying process were easier, and nearly half are reluctant to move again because they found things so complicated and confusing the first time.
Construction Photography/Avalon/Getty Images)
Charlotte Harrison, head of mortgage products at Skipton Building Society, which commissioned the study, said: “Buying a home for the first time can seem daunting.
“The process can sometimes be lengthy and complicated, which is made more difficult when you don’t fully understand what needs to be done and by whom.
“A lot of people also don’t have the time to think about what to do at each step, or don’t even know what each mortgage term means. That’s why we want to help first-time buyers make the home buying process simpler and easier to understand.”
The study found that first-time buyers also had questions such as “How long should I set my mortgage rate?” and “What’s the point of liability insurance?”.
In general, people wanted to know why buying a home can be such a hassle, when they would have to pay their mortgage – and most importantly, when they would get their keys.
But research conducted via OnePoll revealed that many have gone to great lengths to understand what is happening, with 68% spending hours researching the process.
Of those seeking help, 44% went to professionals such as mortgage brokers or advisors, while the same percentage turned to the internet.
And four in ten spoke to their own parents, while a third turned their questions to friends.
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Charlotte Harrison added: “To help educate first-time buyers, the Skipton Building Society will host Keys To Your First Home – a series of unique events for first-time buyers designed to help bring the homebuying journey to life while share the answers to the questions Top questions every first-time buyer wants to know.
“A panel of experts will be present at the events and those who have recently bought their first home will share their own experiences and provide guidance on the home buying process.”
Iona Bain, finance expert and author, said: “Climbing the real estate ladder can feel complex and overwhelming at the best of times.
“But when the economic outlook is so uncertain, first-time buyers are armed with more questions than ever before.”
Skipton Building Society has partnered with language learning app Babbel to help break the home buying jargon for first time buyers.
Keys To Your First Home opens in London in July 2022.
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TOP QUESTIONS FIRST BUYERS WANT ANSWERS:
- Which surveys do I need?
- What is promotion?
- What searches do lawyers conduct and what do they mean?
- How much can I afford?
- How do I choose a lawyer?
- Do I have to carry out a survey of the property?
- How long should I freeze my mortgage rate?
- How long will I be informed about the moving date?
- Why is buying real estate so difficult?
- How do I know what the best mortgage is for me?
- What is liability insurance and why do you need it?
- What is the difference between a principal amount mortgage decision and a mortgage offer?
- What is stamp duty?
- What does it mean for me if the seller doesn’t have the right paperwork for the house? (For example boiler certificates are obsolete)
- How much deposit do I need?
- How soon after payment will I receive the keys?
- Should I offer less than the advertised house price?
- What role does a lawyer play?
- What is the difference between a fixed rate mortgage and an adjustable rate mortgage?
- What insurance should I get as a homeowner?
- How much does everything else cost me per month, e.g. B. Invoices?
- Do I have to pay stamp duty?
- How much will the mortgage payments be?
- What is the difference between lease and ownership?
- How do I get a mortgage?
- What are management fees?
- When do I cancel a mortgage?
- How long is my mortgage offer valid?
- Why do lawyers ask me to print things?
- When do I have to pay everyone for the work?
- What do lawyers do all day?
- Will my mortgage payments be affected if I close mid-month, or is it best to close at the end of the month?
- What does the real estate agent do?
- Do I have to pay for brokers on top of everything else?
- Is there a limit to how long a “chain” can be?
- Can I withdraw from the purchase at any time?
- Do I pay the deposit all at once?
- What is a mortgage broker?
- Do I have to pay everything at once or do I pay the 10% deposit first and the rest later?
- When do I pay my mortgage?
https://www.mirror.co.uk/money/household-bills/property-buying-questions-mortgage-deposit-27215959 The 40 most common questions first-time buyers ask - including "How much deposit do I need?"