Skipton Building Society has revealed the top 40 questions that first time buyers want to know the answers too but are too embarrassed to ask.
The list of questions which confused first time buyers include ‘should I offer less than the advertised house price?’ and ‘how much deposit will I need?’ followed by ‘how long does my mortgage offer last for?’.
Research commissioned by Skipton Building Society of 2,000 adult homeowners found 54% of people were confused about the whole buying process. And of these, eight in 10 felt too embarrassed to ask things like ‘what is stamp duty?’ and ‘when do I need to pay everyone for the work?’.
While those new to the intricacies of property purchase also wanted to ask, ‘how do I choose a solicitor?’, ‘what surveys do I need?’ and ‘how much can I afford?’
60% of homeowners admitted they felt overwhelmed when talking to the likes of estate agents, solicitors, and mortgage advisors, and 68% were worried about looking stupid in front of the professionals.
Jargon often used by financial professionals can leave first time buyers feeling excluded, and too embarrassed to ask questions, leaving them the fear of seeming uneducated on the topic. Perhaps as a consequence, four in 10 adults surveyed said they decided to talk to their parents and 44% relied on the internet rather than going to an expert.
The research, carried out via OnePoll on behalf of Skipton Building Society, found many went to great lengths to understand what was happening, with 68% spending hours researching the process.
For those who sought help, 44% went to professionals such as mortgage brokers or advisors, while the same percentage relied on the internet.
Perhaps unsurprisingly, almost eight in 10 adults polled wished the home buying process was simpler, and just under half are put off moving again due to how complicated and confusing they found things first time around.
Rachael Hunnisett, national accounts & new build lead at Skipton Building Society, said: “Professional, personal mortgage advice plays a key role in guiding first-time buyers through their journey to homeownership. Buying a first home can be a daunting and stressful process, all-be-it an exciting one too!
“As mortgage professionals we have a duty to make sure our customers clearly understand each step of the process. As a Lender, at Skipton we aim to support this by equipping brokers with the tools we have available to cut through the jargon and keep things simple, that’s why we have produced this handy guide and partnered with Babble to help eliminate confusion, and give first time buyers the confidence to speak about the house buying process.”
