Thinking of getting a foot on the property ladder? Brace yourselves! New research reveals that first-time buyers are wildly underestimating the time it takes to buy their first home.
According to a study by Aldermore Bank, those dreaming of owning a home are out of touch with the reality of the housing market, leading to frustration and potentially dashed dreams. The bank surveyed 2,000 hopeful first-time buyers and 500 who had recently gone through the process, and the results are eye-opening!
Estate Agents and Mortgage Brokers Take Weeks Longer Than Expected
The research found that dealing with estate agents is taking six weeks longer than anticipated. And if you think finding a mortgage will be quick, think again! Liaising with mortgage advisors is dragging on five weeks longer than expected.
Here’s the breakdown:
- Estate Agents: Expected wait time vs. reality = 6 weeks longer than expected
- Mortgage Advisors: Expected wait time vs. reality = 5 weeks longer than expected
- Mortgage Brokers: Expected wait time vs. reality = 6 weeks longer than expected (10 weeks expected vs. 16 weeks in reality)
Good News: Solicitors and Viewings Are Quicker!
There is a glimmer of hope amidst the delays. Dealing with solicitors is actually taking a week less than people think. And the ever-exciting house viewings are clocking in at two weeks shorter than expected.
- Solicitors: Expected wait time vs. reality = 1 week shorter than expected
- House Viewings: Expected wait time vs. reality = 2 weeks shorter than expected (20 weeks expected vs. 18 weeks in reality)
Expert Advice: Be Prepared for a Long Ride
Jon Cooper, Director of Mortgages at Aldermore, warns: “First-time buyers often underestimate the time involved, especially when dealing with solicitors, estate agents, and unexpected issues like survey-related repairs. This can lead to delays that frustrate eager buyers.”
His advice? Be prepared for a long journey and rely on the expertise of your mortgage broker to help you navigate the complexities. They’re not just there to secure your mortgage, but to guide you through every twist and turn of the homebuying process!