Regrets of first-time consumers laid naked akin to shopping for in space they ‘did not love’

First-time buyers have revealed their biggest regrets – settling for an area they didn’t love and not using a mortgage broker.

A poll of 500 adults who bought their first property in the last two years found 82% admit there are certain things they wish they had done differently.

A third wish they had started saving for a deposit sooner, while 31% have warned future buyers to stow more cash away for unforeseen expenses.

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On reflection, 18%would do more research into mortgage options available and 9% would reconsider buying a leasehold property.

Felicity Holloway, head of mortgages at Moneybox, which commissioned the research, said: “First-time buyers often find themselves navigating a maze of tasks when buying their first home, and unsurprisingly often encounter challenges from underestimating hidden costs to struggling to find the best mortgage for their needs.

“But you don’t need to go it alone. These missteps, while common, highlight the crucial need for expert guidance throughout the home-buying journey.

“It can be overwhelming to figure out the answers to your questions or even where to turn to for support.

“But by tapping into the right resources, buyers can avoid making common mistakes and make more informed decisions throughout their homebuying journey – setting them up for long-term success.”

It also emerged one of the biggest challenges new homeowners faced in the last two years while buying their property was preparing their finances for a successful mortgage application (25%).

As 41% admitted, it was difficult to understand what mortgage options were most suitable for their needs.

While 23% also struggled to figure out the best time to buy during a period of housing market volatility.

Reflecting on their buying experience in the last two years, 36% feel that today’s aspiring first-time home hunters would benefit from more guidance about suitable mortgages for their circumstances.

With 28% believing aspiring buyers should seek support on selecting the right broker to support their journey. Whereas 27% believe it is imperative they get help along the way picking a mortgage lender.

Many of these recent first-time buyers have also called on the new government to support those now going through the process.

One in four would like to see financial incentives for sellers to sell to first time buyers, and 22% think it would be worthwhile to relax mortgage affordability assessments.

While 22% would like to see a policy to introduce no-deposit mortgages considered.

Felicity Holloway added: “Given the economic and market challenges over the last 2 years, it’s no surprise that a common theme from the research is many first-time buyers struggled with understanding and finding the best mortgage for their needs.

“Spending plenty of time preparing your finances and engaging a trusted mortgage broker as early as possible in the process will give you the best chance of securing the right mortgage for your needs.

“And remember, unless you have very specialist needs such as being self-employed, you should never have to pay for an expert mortgage broker but might want to double check you choose one that is ‘whole of market’ to ensure they have access to the very best offers out there to find the best mortgage deal for you.

“Our free mortgage service is here to help make the process of buying a home stress-free, with a dedicated team of expert mortgage brokers and individual case managers on hand to support you throughout.”