Top 40 questions asked by first-time buyers revealed – PR News Blog

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The top 40 questions asked by baffled first-time buyers include “should I offer less than the advertised house price?” », « How much deposit do I need? and ‘How long is my mortgage offer?’.
A study of 2,000 homeowners found that 54% didn’t know what to do when taking the first step on the homeownership ladder.
Of these, eight in 10 felt too embarrassed to ask things like “What is stamp duty?” and ‘when do I have to pay everyone for work?’.
While those unfamiliar with the intricacies of buying a home also wanted to ask “how do I choose a lawyer?”, “what surveys do I need?” and ‘how much can I afford?’.
No less than 36% were intrigued by the whole sequence of events, and four out of 10 would have appreciated a helping hand.
While 60% felt overwhelmed when talking to estate agents, notaries and mortgage advisers, 68% worried about looking stupid.
Unsurprisingly, nearly eight in 10 people wish the homebuying process was easier, and nearly half are put off moving again due to the complexity and confusion that comes with moving. they found things the first time.
Charlotte Harrison, head of mortgage products at Skipton Building Society, who commissioned the research, said: “Buying a home can feel daunting for the first time.
“The process can sometimes be long and complicated, made more difficult if you don’t fully understand what needs to be done and by whom.
“Many people also don’t have the time to figure out what needs to be done at each stage, or even know what each mortgage term means, which is why we want to help first-time buyers make the process easier. home buying simpler and easier to understand.”
The study found that first-time buyers were also asking questions such as “how long should I fix my mortgage rate?” and ‘what is damage insurance for?’.
More generally, people wanted to know why buying a property can be so complicated, when they were due to pay their mortgage – and most importantly, when they would receive their keys.

But the research, carried out via OnePoll, found that many went to great lengths to figure out what was going on, with 68% spending hours researching the process.
Of those who sought help, 44% turned to professionals such as brokers or mortgage advisers, while the same percentage relied on the internet.
While four in 10 spoke to their own parents, and a third went to friends with their questions.
Charlotte Harrison added: “To help educate first-time buyers, Skipton Building Society will host ‘Keys To Your First Home’, a series of unique first-time buyer events to bring the home buying journey to life, while sharing answers to the top questions all first-time buyers want to know.
“The events will see a panel of experts and those who have recently bought their first home share their own experiences and offer advice on the home buying process.”
Iona Bain, money expert and author, says: “Climbing the property ladder can seem complex and overwhelming at the best of times.
“But when the economic outlook is so uncertain, early buyers will be armed with more questions than ever before.”
Skipton Building Society has partnered with language-learning app Babbel to help break the house-buying jargon for first-time buyers – https://www.skipton.co.uk/life- and-money/mortgage-jargon-buster
Keys To Your First Home will launch in London in July 2022.

THE QUESTIONS FIRST-TIME BUYERS WANT ANSWERS
1. What surveys do I need?
2. What is transfer of ownership?
3. What are the searches carried out by notaries and what do they mean?
4. How much can I afford?
5. How to choose a lawyer?
6. Should I do a property survey?
7. How long do I have to fix my mortgage rate?
8. How far in advance will I be notified of the moving date?
9. Why is buying a property so complicated?
10. How do I know which is the best mortgage for me?
11. What is liability insurance and why do you need it?
12. What is the difference between a Principal Mortgage Decision and a Mortgage Offer?
13. What is stamp duty?
14. What does it mean for me if the seller does not have the correct papers for the house? (e.g. boiler certificates are out of date)
15. How much deposit will I need?
16. How soon after paying can I receive the keys?
17. Do I have to offer less than the advertised house price?
18. What role does a lawyer play?
19. What is the difference between a fixed and variable rate mortgage?
20. What insurance should I take out now that I am an owner?
21. How much will everything else cost me each month, such as bills
22. Do I have to pay stamp duty?
23. How much will the mortgage payments be?
24. What is the difference between lease and full ownership?
25. How do I get a mortgage loan?
26. What are management fees?
27. When to settle a mortgage?
28. How long does my mortgage offer last?
29. Why do notaries charge me to print things?
30. When do I have to pay everyone for work?
31. What do notaries do all day?
32. Will it affect my mortgage repayments if I finish in the middle of the month, is it better to finish at the end of the month?
33. What does the real estate agent do?
34. Do I have to pay brokers on top of everything else?
35. Is there a limit to the length of a “string”?
36. Can I withdraw from the purchase at any time?
37. Do I pay the deposit all at once?
38. What is a mortgage broker?
39. Do I have to pay everything at once or do I have to pay the 10% deposit first and the rest later?
40. When should I pay my mortgage?

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