Stepping onto the property ladder

Buying your first home can seem daunting, there are numerous documents to submit and processes to follow. The Simples Lab has been on the hunt to find out the biggest concerns when purchasing your first pad.

The Simples Lab has created a mortgage eligibility checking service which hopes to cut out some of the hassle for those looking to step onto the property ladder. 

Half of first time buyers believe they’ve made expensive mistakes

Our new research from the Simples Lab – our innovation laboratory – reveals half of UK homeowners feel they’ve made expensive errors when buying their first home. While people are generally aware of the costs and challenges they are likely to encounter, many still make decisions that lead to serious stresses. 

1 in 10 homeowners admit to using all their savings to fund the deposit on their first home, leaving little to no cash for emergencies, bills, furniture and more. Negotiations are the downfall for many – as 15% of us wished we’d haggled more on the price when buying our first home.

Half of first time buyers believe they’ve made expensive mistakes

Mortgages are the biggest source of woes

The Simples Lab research shows plenty of people regret how they managed getting their mortgage. Only 12% of the nation looked at a price comparison website when taking out theirs. When choosing which mortgage is right, nearly a quarter of UK homebuyers lay trust in their bank to save time, rather than shopping around for a more competitive rate. People are confused about their options, and that using a mortgage broker wouldn’t have improved the process for them. In comparison, over 1 in 10 said they’d be too nervous not to use one when buying their next home.

Tackle the fear with a (simples) tool

To reduce first time buyer worry, the mortgage eligibility checking service is an innovation from the Simples Lab, designed to cut through the confusion and boost your confidence, by showing you how likely you are to qualify for a mortgage – before you put the time and effort into applying.

When you know what’s possible and which mortgage providers might be right for you, getting on the property ladder could be a calmer, and much simpler, process.