A lack of understanding by FTB’s around house buying process and the associated costs says Aldermore
According to the latest research from Aldermore’s Q3 2017 First Time Buyer Index, they mention that there is a real lack of understanding around the house buying process and the associated costs amongst those looking to buy their first home.
Charles McDowell, Commercial Director, Mortgages: “It is clear there is a divergence between perception and reality when it comes to the house buying process. This often means those looking to buy are under-estimating the associated costs as well as the time it could take to complete, especially with first time buyers expecting it to take four years on average to save for a deposit.
“This lack of understanding clearly has financial implications but it can also take its toll emotionally. Our First Time Buyer Index carried out in the second quarter of 2017 revealed nearly one in five (17%) recent first time buyers took three or more attempts to buy their home and the process of buying a first property caused so much stress over one in three (35%) were made ill.
“Some have suggested that the Government plans to announce cutting stamp duty for first time buyers, in the Autumn Budget, a step we would welcome. As it stands, first time buyers are systematically let down by an overly complex, opaque and costly system.
“At Aldermore, we are fully aware of the issues first time buyers face, and we want to do all that we can to support them when it comes to securing a mortgage. Our human approach to lending enables us to consider each case on an individual basis. We also offer various products to help first time buyers, including the family guarantee mortgage and 95% loan to value mortgages for customers who have a smaller deposit. We always recommend customers shop around to ensure they choose the best mortgage product for their individual needs.”
Read the latest research report Aldermore’s Q3 2017 First Time Buyer Index posted 1st November 2017 in full click here.
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