Home truths – things you might not know about buying a house

by PropertyBlawg on December 9, 2012

  • Sumo

Guest post about buying a new house and some of the issues you may not have considered.

Looking to buy a new home? Taking that first step on the property ladder? Not sure where to start?

There’s a bewildering array of information out there about buying a house, or trying to find a mortgage.  Not a day goes by without new statistics on the state of the economy and housing market.

We thought we’d take a quick look at some of the more interesting research that has been published lately:

Marriage or mortgage?

  • Britons are shunning big white weddings in a bid to get on the property ladder. According  to Barclays, 52% of Britons – more than half the UK population – would choose to put their savings towards a deposit for a property – proving that home really is where the heart is.
  • Buying a home with someone is a bigger commitment than getting married, according to 28% of 25-34 year olds surveyed as part of the Halifax’s State of the Nation Mortgages research.
  • The Halifax research also shows a difference between the ages when it comes to homebuying with partners:  only around one in four (28%) 25-34 year olds were married when they bought their home with their partner, compared to nearly three in four (73%) 35-44 year olds.

Must have’s

  • A property with a garden is the top priority for first-time buyers, according to new research from the Yorkshire Building Society.
  • Access to good public transport is second on the list.

Financing a house-purchase

  • Almost half (46%) of first time buyers are considering turning to shared equity and shared ownership schemes to enable them to buy their first home, according to latest research from Lloyds TSB.
  • Nearly one in ten (9%) have no idea how much they still owe on their mortgage – not even to the nearest £10,000. Over one in four (28%) claim to know exactly how much they owe on their mortgage. (Halifax’s State of the Nation Mortgages research)
  • Over one in ten women pay more than half their average income on their mortgage, but only one in twenty men pay as much. (Halifax’s State of the Nation Mortgages research)
  • A quarter of 18-24 year olds who own a home own it outright – a higher percentage than those in the 25-34, 35-44, and 45-54 age groups. (Halifax’s State of the Nation Mortgages research).

The bank of mum and dad

  • While almost one in five (19%) first time buyers received family financing in the last year, more than half (52%) of family members who offered financial assistance provided it with an expectation to be paid back, says research from HSBC.
  • The bank of mum and dad is also more likely to ask for interest if their relative is purchasing a first home with a partner (75%), rather than on his or her own (69%). (HSBC)

This guest post is courtesy of Lifetime Planning, mortgage brokers and mortgage advisers in Glasgow in Scotland. Contact them for specialist mortgage advice.



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