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TODAY'S OTHER NEWS

First time buyers slam fees for mortgages, removers and conveyancers

Half of first time buyers say they made expensive mistakes during their process of purchasing their home, with mortgage brokers, removal companies and conveyancers in the firing line.

In a poll of over 2,000 homeowners by comparison website Comparethemarket some 31 per cent say they will be looking to cut the costs of a mortgage broker next time they buy, using lessons from their first experience.

Another 25 per cent will primarily be looking to cut costs on removals next time they move, while 20 per cent want to pay less for their conveyancing in future.

A more modest 13 per cent wanted to cut future costs on surveys and five per cent say the same about estate agents - as first time buyers obviously don’t have an existing home to sell, this may be why agents escaped substantial criticism.

In more detail, the exercise shows that some 15 per cent wished they'd haggled more on the price of the house when buying their first property and 10 per cent of respondents said they made a mistake in using all of their savings to fund the deposit on their first home, leaving them with no emergency savings and an inability to do any work to the property. 

Some eight per cent wished they'd shopped around for a mortgage broker, and six per cent wish they had undertaken a more thorough survey.

Nearly a quarter of first time buyers went to their bank to take out a mortgage rather than shopping around for the most competitive rate, with 19 per cent believing that a mortgage broker added no value to the process of buying a house. Only 12 per cent of respondents consulted a price comparison website.

"People with no prior experience in purchasing a property may not be aware which services and products offered to them on the home buying journey are mandatory and which are discretionary and, importantly, whether they are good value or uncompetitive” explains Mark Gordon of Comparethemarket.

"The whole buying procedure can be intimidating, particularly for those going through the process for the first time.  Fears around hidden fees and dealing with estate agents, lawyers, surveyors and mortgage companies are legitimate and strong enough to put off people from trying to make a purchase.”

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    FTB's shouldn't worry, the elderly, vulnerable and lazy make the same expensive mistakes at the end of their lives by selling and buying through P/Ex and easy Move schemes !

  • Paul Barrett

    I very much doubt no matter how shark infested the FTB waters might be be that the buying aspiration will not be deterred by the potential sharks.
    FTB just have to ensure they have shark proof cages!!!
    Just because the buying process is fraught is no reason for buyers to be put off from buying.
    People will buy come what may.
    Yes the process is a PITA.
    But it is what it is and unlikely to change anytime soon!!!
    It is obvious that all industry participants should work towards making the buying process a less frightening one for new buyers.
    Especially as it is in the best interests of industry participants to make the buying process as easily as possible.
    Doing so could well encourage the frightened to attempt to buy etc.



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    We make a real effort to help FTB's , elderly, vulnerable .... anybody who indicates that they are inexperienced and need help. I hate these blasted P/Ex and EasyMove schemes and with good reason.

  • Paul Barrett

    I believe you are perfectly correct.
    Any fool can sell a property for less than it's value.
    It takes experienced EA etc to maximise value for a vendor.
    Essentially these operations are for the desperate or those who aren't that fussed about maximising sale value.

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    Remember who we work for ???
    The seller.

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