A quarter of first-time buyers in the last year opted for the first mortgage they came across, without comparing rates, research reveals.
The majority (62%) went with their existing bank for their mortgage, with 21% saying they couldn’t be bothered to look elsewhere, 13% wanting to buy quickly and 11% saying it didn’t occur to them to look elsewhere.
A third (33%) admitted that they’d ended up putting in an offer on a property before knowing whether or not they could actually afford it, only to be later told that they couldn’t get a mortgage for that particular home.
Some 85% admitted that, as first-time buyers, they’d found the whole process of buying a home ‘confusing’. A further 61% said that they felt there wasn’t enough help or guidance given to first-time buyers, the study by MyVoucherCodes found.
