Half of first-time house buyers don’t know how to make their first step onto property ladder, study finds

HALF of first time house buyers don’t know how to make their first step on the property ladder, a study has found.

A study of 2,000 homeowners found 54 per cent were confused about what they had to do.

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Of these, eight in 10 felt too embarrassed to ask things like ‘what is stamp duty?’ and ‘when do I need to pay everyone for the work?’.

While those new to the intricacies of buying a home also wanted to ask ‘how do I choose a solicitor?’, ‘what surveys do I need?’ and ‘how much can I afford?’.

As many as 36 per cent were puzzled by the whole sequence of events – and four in 10 would have welcomed a helping hand.

Some 60 per cent felt overwhelmed when talking to estate agents, solicitors and mortgage advisors – while 68 per cent worried about looking stupid.

Unsurprisingly, almost eight in 10 wished the home buying process was simpler.

Nearly half were put off moving again due to how complicated and confusing they found things first time around.

Charlotte Harrison, head of mortgage products at Skipton Building Society, which commissioned the research, said: “Purchasing a home can seem daunting for the first time.

“The process can be long and complicated at times, made harder if you don’t fully understand what needs to be done and by who.

“Many people also don’t have the time to work out what has to be done at every step, or even know what every mortgage term means, which is why we want to help first-time buyers make the home buying process simpler and easier to understand.”

The study found first-time buyers also had questions like ‘how long should I fix my mortgage rate for?’ and ‘what is indemnity insurance for?’.

More generally, people wanted to know why property buying can be such a hassle, when they had to pay their mortgage – and most importantly, when they would get their keys.

But the research, carried out via OnePoll, found many went to great lengths to understand what was happening, with 68 per cent spending hours researching the process.

For those who sought help, 44 per cent went to professionals such as mortgage brokers or advisors, while the same percentage relied on the internet.

Four in 10 talked to their own parents, and a third went to friends with their queries.

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 help bring to life the home buying journey, while sharing the answers to the top questions all first-time buyers want to know.

“The events will see a panel of experts and those who’ve recently bought their first home share their own experiences and give guidance on the home buying process.”

Iona Bain, money expert and author, said: “Getting on the property ladder can feel complex and overwhelming at the best of times.

“But when the economic outlook is so uncertain, first-time buyers will be armed with more questions than ever before.”

Skipton Building Society has partnered with language learning app Babbel to help bust the home buying jargon for first time buyers.

This post first appeared on thesun.co.uk