A new study has revealed striking misconceptions and knowledge gaps among aspiring first-time buyers as they prepare to make the biggest purchase of their lives.
The research from Santander Mortgages – which surveyed 2,000 non-homeowners – suggests first-time buyers need to be better informed about the homebuying process to protect themselves from stress, legal headaches, and disappointment.
But while aspiring new homeowners may lack some knowledge about various aspects of the home buying process, they are typically prepared for the financial costs associated with getting on the ladder. In fact, on average new buyers are overestimating the typical fees involved for solicitors, surveys, removals and land registration. And while 58% admit they do not know what stamp duty actually is, new buyers are aware that stamp duty is an added cost that they must factor into the purchase. The findings come as Santander launches over 1,000 free in-branch educational events across the UK to support those looking to buy their first home.
Aston spoke to Georgia “Toff” Toffolo, 2017 I’m A Celebrity Get Me Out Of Here winner (current queen of the jungle) and Graham Sellar, head of mortgages for Santander todiscuss the research in further detail and also shared their experience as to what it was like when they first bought their first home.