Although for most people, buying their first home is an amazing experience, this isn’t always the case, as a recent survey revealed.
One in ten first time buyers have regrets about purchasing their first home, suffering from depression, stress and anxiety due to making sacrifices when purchasing their first house. The survey, by Money.co.uk, questioned 750 new homeowners and found that four out of ten people were forced to move to an area away from their family, while one first time buyer in seven had to move to an area with a higher crime rate. More than a quarter had to move away from their workplace, while one in ten had to buy a house in an area with a higher risk of flooding.
Saving for a deposit is one of the initial problems faced by first time buyers, especially as house prices continue to rise. Although saving for a deposit places stress on the buyer, it is possible to ease the situation slightly.
Help to Buy schemes are just one possibility, providing an interest loan for five years to help buyers to purchase a first home. Before starting to save for a deposit, buyers are advised to check how much they will be able to borrow, so that they know how much to save as a deposit.
CeMAP qualified mortgage advisors can help first time buyers get the best possible mortgage product. Government schemes and ISAs are also available to help ease the situation, making the experience a joyous one.
