- 18
- Apr
Homebuyers are likely to struggle financially within the first two years of moving into a new property, a new study reveals.
According to research by Yorkshire Bank some 44 per cent of homeowners failed to factor legal fees and stamp duty costs into their moving budget.
Meanwhile, a third of first-time buyers were reported to be "totally unprepared" for the large amounts of money they would have to spend during the first few months of owning a property, which in turn could put pressure on their ability to make homeowner loan repayments.
Head of retail Gary Lumby said: "First-time buyers particularly need to make sure they are aware of the full costs involved with buying their first home and don’t try to over stretch themselves in the first year."
He added that all homebuyers should aim to get "their finances in order before they even start to look to move home".
Earlier this month, a study by Norwich and Peterborough revealed that first-time buyers in East Anglia are having to take out a secured loan twice as much as they would have done ten years ago.
Interfinancial providing you with breaking homeowner loan news.
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