Survey reveals top mistakes made my first-time buyers and what they will do differently next time

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19th March 2019 17:40 - Housing

Survey reveals top mistakes made my first-time buyers and what they will do differently next time: A poll of first-time buyers has revealed many of them feel they made mistakes during the buying process that cost them unnecessary funds.

Over 2,000 new homeowners were polled for research commissioned by comparison website, which found just under a third (31%) would be seeking to reduce costs of a mortgage broker if they decide to buy again.

It also found that a quarter of respondents did not use a mortgage advisor to shop around for the best rate – and instead went straight to the their bank for a mortgage. Nearly two in ten (19%) admitted they  believed a mortgage broker was not a valuable component to the house-buying process, and only 12% had used a price comparison site to weigh up rates and options.

Looking at where they might save money next time they move house, a quarter of home-owners polled felt they could save money on removal companies, while two in five believe they should pay less for conveyancing.

Another area respondents would be looking to save on a future move would be on the cost of house surveys (13%) and 5% said they would like to save costs on estate agent fees.  

Looking at what they wish they’d done differently, 15% of respondents said they wish they had haggled more on the price of their home. One in ten (10%)  said they wish they saved some of their savings so they could do work on the house or keep some as emergency savings - instead of using it all to fund the deposit.

For 8% of respondents, not shopping around for a mortgage broker was a top regret, while 6% said they wish they had ordered a more in-depth survey.

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