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Quarter of first time buyers didn’t shop around for mortgage

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16/07/2013
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.

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.

Mark Pearson, chairman of MyVoucherCodes.co.uk, which carried out the research, said:”Buying your first home can definitely be confusing and I definitely sympathise with all the first time buyers out there. Some mortgage advisers offer really useful advice and some don’t even charge for their services, so I would recommend that everyone looks out for one before buying.”

 

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