According to a recent survey by Experian, the actual process of applying for a mortgage itself has now taken the crown for the biggest challenge when purchasing a home.
The survey revealed that 24% of respondents felt the mortgage process was the single biggest obstacle when buying a home, 2% ahead of securing a deposit. The research also found that 27% were reliant on family when securing a deposit, averaging around £7,637 in assistance.
Despite help from family, Experian found that a third of first-time buyers took between two and three years to save for a deposit.
Experian claims confusion around the mortgage process stems in large part from additional costs buyers face with 29% of respondents saying they underestimated the costs of moving over and above the cost of the deposit.
Amir Goshtai, Experian Marketplace & Affinity managing director, had this to say: “We have become used to checking our eligibility for products like credit cards and loans for some time now, and there’s no reason the service shouldn’t be available in the mortgage market too.
Making sure consumers are well informed about their options will give them confidence when speaking to a mortgage broker. Experian’s eligibility tool provides straightforward answers allowing buyers to feel prepared without affecting their credit score."
