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First-time buyers could be hit with nearly £30,000 in costs in first three months
- Research involving a group of people who purchased their initial property within the last five years highlighted substantial initial expenses during the early months following the acquisition.
- Research carried out for Skipton Building Society’s introduction of its Delayed Start Mortgage revealed that expenses such as furnishing, repairs, and other costs quickly add up for new homeowners.
- On average, buyers spent £3,487 on furnishing, £2,662 on kitchen appliances, £2,118 on redecorating, nearly £3,000 on home décor, plus £1,747 on removals and significant repair costs.
- Jen Lloyd, Skipton’s head of mortgage products, said, “Costs quickly mount into the tens of thousands” leaving 43% struggling with their first mortgage and 63% financially stretched.
- The Delayed Start Mortgage provides first-time buyers with the option to postpone their mortgage payments for the initial three months, offering them extra time to adjust to their financial responsibilities.
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LincolnshireWorld+12 Reposted by 12 other sources
First-time buyers face nearly £30,000 in costs within three months of moving - here's what to look out for!
First-time buyers could be hit with nearly £30,000 in costs within the first three months of picking up their keys – as they shell out thousands on furniture, decorating, and essential appliances.
Northern Ireland World+9 Reposted by 9 other sources
First-time buyers face nearly £30,000 in costs in first three months
First-time buyers could be hit with nearly £30,000 in costs within the first three months of picking up their keys – as they shell out thousands on furniture, decorating, and essential appliances.
Access to housing, especially for young people, is becoming increasingly complicated, with no rental offer and no credit to buy. From 58 per cent of young owners in 2007 it has now risen to 29 per cent.
Coverage Details
Total News Sources40
Leaning Left2Leaning Right1Center28Last UpdatedBias Distribution90% Center
Bias Distribution
- 90% of the sources are Center
90% Center
C 90%
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