In a survey of 500 adults who bought their first home in the past two years, 82 percent admitted there were certain things they wished they had done differently.
A third wish they had started saving for a deposit earlier, while 31 per cent have warned prospective buyers to set aside extra cash for unexpected expenses.
When considering, 18 percent would look into more mortgage options and 9 percent would consider buying a rental property again.
Felicity Holloway, head of mortgages at Moneybox, which commissioned the research, said: “First-time buyers often have to navigate a maze of tasks when buying their first home and are surprisingly often faced with challenges, from underestimating hidden costs to finding the best mortgage to suit their needs.
“But you don’t have to go it alone. While these missteps are common, they highlight the critical importance of expert help throughout the home buying journey.
“It can be overwhelming to find answers to your questions or even get support.
“But by utilizing the right resources, buyers can avoid making common mistakes and make more informed decisions throughout their home buying journey, helping them succeed in the long run.”
One of the biggest challenges new homeowners faced when buying their home in the past two years was preparing their finances for a successful mortgage application (25 percent).
As 41 percent admitted, it was difficult to understand which mortgage options best suited their needs.
23 percent also had difficulty finding the best time to buy during the housing market volatility.
Based on their buying experience over the past two years, 36 percent believe that today’s first-time home hunters would benefit from more guidance on mortgages that fit their circumstances.
28 percent believe that entrepreneurs should seek support in choosing the right broker to support their journey.
In contrast, 27 percent believe it is essential to get help choosing a mortgage lender.
Many of these recent first-time buyers have also asked the new government to support those now going through the process.
One in four would like financial incentives for sellers to sell to first-time buyers, and 22 percent believe that the affordability assessment of mortgages should be eased.
On the other hand, 22 percent would like the introduction of deposit-free mortgages to be considered.
Felicity Holloway, from Moneybox, added: “Given the economic and market challenges of the past two years, it’s no surprise that a common theme in the research is that many first-time buyers are struggling to understand and find the best mortgage for their needs.
“When you spend a lot of time preparing your finances and contact a reliable mortgage broker as early as possible, you have the best chance of securing a mortgage that suits your needs.
“And remember, unless you have special needs, such as being self-employed, you should never have to pay for a specialist mortgage broker, you can check that you go ‘whole market’ to ensure they have access to the best deals to find you the best mortgage deal.
“Our free mortgage service helps make the home buying process stress-free. Our expert team of mortgage brokers and individual case managers are ready to support you all the time.”
