The top 40 questions asked by baffled first-time buyers include "should I offer less than the advertised house price?," "how much deposit will I need?" and "how long does my mortgage offer last for?"
A study of 2,000 homeowners found 54 percent were confused about what they had to do when making the first step on the property ladder.
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 percent were puzzled by the whole sequence of events, and four in 10 would have welcomed a helping hand.
While 60 percent felt overwhelmed when talking to estate agents, solicitors and mortgage advisors, with 68 percent worried about looking stupid.
Unsurprisingly, almost eight in 10 wish the home buying process was simpler, and nearly half are 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 percent went to professionals such as mortgage brokers or advisors, while the same percentage relied on the internet.
While 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. - https://www.skipton.co.uk/life-and-money/mortgage-jargon-buster
Keys To Your First Home will launch in London in July 2022.
Questions First Time Home Buyers Have:
- What surveys do I need?
- What is conveyancing?
- What are the searches that solicitors carry out and what do they mean?
- How much can I afford?
- How do I choose a solicitor?
- Do I have to do a survey on the property?
- How long should I fix my mortgage rate for?
- How much notice will I be given about the moving date?
- Why is property buying so much hassle?
- How do I know what’s the best mortgage for me?
- 11. What is indemnity insurance and why do you need it?
- 12. What’s the difference between a mortgage Decision in Principal and a mortgage offer?
- 13. What is stamp duty?
- 14. What does it mean for me if the vendor doesn’t have correct paperwork for the home? (for example, boiler certificates are out of date)
- How much deposit will I need?
- How soon after paying do I get the keys?
- Should I offer less than the advertised home price?
- What role does a solicitor play?
- What’s the difference between fixed rate and variable mortgage?
- What insurance should I take out now I am a homeowner?
- How much will everything else cost me each month, such as bills
- Do I have to pay stamp duty?
- How much will mortgage payments be?
- What’s the difference between leasehold and freehold?
- How do I get a mortgage?
- What are management fees?
- When do I sort out a mortgage?
- How long does my mortgage offer last for?
- Why do solicitors charge me to print things?
- When do I need to pay everyone for the work?
- What do solicitors do all day?
- Will it affect my mortgage repayments if I complete mid-month, is it best to complete at the end of the month?
- What does the estate agent do?
- Do I need to pay for brokers on top of everything else?
- Is there a limit to how long a ‘chain’ can be?
- Can I pull out of the purchase at any point?
- Do I pay the deposit all in one go?
- What’s a mortgage broker?
- Do I need to pay everything in one go or do I pay the 10 per cent deposit first and the rest later?
- When do I pay my mortgage?
Stories and infographics by ‘Talker Research’ are available to download & ready to use. Stories and videos by ‘Talker News’ are managed by SWNS. To license content for editorial or commercial use and to see the full scope of SWNS content, please email email@example.com or submit an inquiry via our contact form.
What Albert Einstein, Pablo Picasso and Steve Jobs all had in common
It is estimated one-in-five people have the condition.
Dad bod dude beats the heat by swimming in a public fountain
The man, sporting a "dad-bod", can be seen doing breaststroke through the shallow waters as the person filming asks: "What...
Scientists invent robot fish that swims around hoovering up microplastics
It measures just half an inch from nose to tail.
Study: Baby blues can affect both parents at the same time
Symptoms include excessive anxiety, not being able to stop crying and feelings of hopelessness.
Why fake meat is less nutritious than the real thing
Experiments found human cells take in fewer proteins from the vegan versions - because they are harder to absorb.
Lifestyle3 days ago
Private island with a 17th Century villa on market for $2.2 million
Travel2 days ago
Man completes first-ever commute in an $83k space-age flying car
Sports2 days ago
6-year-old golf prodigy hopes to follow in the footsteps of his PGA-pro dad
Good News3 days ago
Mom cries tears of joy after hearing her autistic son speak for first time
Animals1 day ago
Florida men catch python believed to be the biggest in the state’s history
Food & Drink3 days ago
Bar charging $98.37 for one pint of beer
Funny4 days ago
9-year-old goes viral after passing out on theme park ride
Video4 days ago
Watch: Retired pilot pulls Top Gun-style stunts