A survey from Lloyds Banking Group polling 2,000 prospective first-time buyers found that 32% were aware of most of the process, and 42% said they knew some of what happened.
When asked what part of the process was most daunting, 29% said they were worried about the legal process – namely, conveyancing and dealing with the Land Registry.
More than a fifth – 22% – said they were worried about the uncertainty around getting a mortgage and 12% cited finding the right property. Just 4% said they were confident about all parts of the process.
A further 22% also had concerns around raising a deposit, saying the need to save a large sum of money delayed them from making an offer, pointing to obstacles with affordability.
Some 19% had reservations about their future job security and income stability.
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Majority of first-time buyers will seek advice
Most hopeful homeowners – 65% – said they planned to speak to a lender or mortgage adviser to guide them through the purchase process.
However, 19% did not intend to seek advice.
As for who aspiring first-time buyers trusted for insight, 34% said their parents, with this share rising to 46% among those aged 18-24.
Amanda Bryden, head of mortgages at Lloyds Banking Group, said: “Buying your first home is a big milestone, and it’s natural to feel uncertain – especially with so much to consider.
“The good news is there’s plenty of help available, from clear online guides to a conversation with a qualified mortgage adviser or broker.
“With the right support, taking that first step onto the property ladder becomes much more manageable. And with mortgages available with as little as a 5% deposit, it’s often more affordable than you might think.”
