Jen Lloyd, head of mortgages at Skipton Building Society, said the biggest financial shock for many first-time buyers doesn’t just come from the deposit itself, but from the wave of costs that hit in the first few months of homeownership.
“People budget meticulously for the purchase price but are often caught off guard by everything that comes with actually moving in,” she explained.
“Rent overlap, stamp duty, removals, council tax, furnishings and set-up costs can all land at once.
“Turning those ‘unexpected’ expenses into expected ones by researching them upfront – and building a realistic ‘move-in buffer’ – can help make the whole process far less stressful.”
She added having a little breathing room at the start can make a big difference, particularly for first-time buyers navigating those early costs.
The comments follow a poll of 1,000 first-time buyers, which found facing multiple upfront costs in a short space of time was the number one part of the homebuying process they wished they could avoid.
Other major frustrations included the physical act of moving, the long gap between exchange and completion, and overlapping rent and mortgage payments.
Jen, from Skipton Building Society – which commissioned the research to mark the enhancements of its Delayed Start Mortgage, which enables first-time buyers to delay their first mortgage repayment for up to three months – also warned against trying to do everything at once, a mistake she sees time and again among eager buyers.
“From surveys to furnishing a home from scratch to removals and renovations, it’s easy to feel like every decision has to be made immediately – and rushing often leads to unnecessary spending and avoidable stress,” she said.
“Buying your first home is exciting, so it’s natural to want everything done as quickly as possible.
“But slowing things down where you can, and prioritising what genuinely needs doing now versus what can wait, usually saves money, time and a lot of anxiety.”
The experience proved frustrating for many, with 64 per cent of those renting at the point of purchase finding the process challenging.
One in three (35 per cent) ended up paying rent and a mortgage at the same time, while 30 per cent said they felt financially strained while covering multiple housing-related payments at once.
A third (32 per cent) reported an overlap between their rental payments and mortgage payments lasting one to two months, while eight per cent said this overlap stretched beyond three months.
A further 24 per cent had to give notice on their rental before securing a confirmed completion date, and 23 per cent feared they could be left without anywhere to live for a period.
The survey also explored some of the quirkier pain points buyers become accustomed to during the process, with 35 per cent constantly refreshing property apps ‘like it was a full-time job’.
A third (32 per cent) confessed to spending far too long browsing properties they couldn’t afford at the start of their journey, according to the OnePoll.com figures.
While 27 per cent were left baffled by how to avoid offending sellers when deciding how low to offer on a property listed as ‘open to offers’.
And when it came to moving in, 35 per cent found themselves awkwardly introducing themselves to new neighbours and 34 per cent suddenly cared deeply about things like bins and thermostats.
Jen Lloyd added: “Buying your first home should be an exciting milestone, yet our research shows that early costs can easily overshadow that moment.
“A bit of breathing space at the beginning can make a real difference when so many expenses arrive at once.
“Which is why we’ve enhanced our Delayed Start Mortgage to give buyers greater flexibility around when their repayments begin, whether that’s one, two or three months after completion, helping to ease some of the immediate pressure.
“This can also be added onto our 100% Track Record Mortgage, which recognises strong rental payment history and removes the need for a deposit.
“Everyone’s route onto the property ladder is different, and offering fairer options that reflect those individual circumstances can help make the move into homeownership feel far more manageable.”
TOP TIPS FOR FIRST-TIME BUYERS TO AVOID COSTLY HOMEBUYING MISTAKES:
1. Don’t underestimate the cost of the first few months
The biggest financial shock for first-time buyers often isn’t the deposit, but the cluster of costs that arrive all at once – from rent overlap and legal fees to removals, furnishings and set-up expenses. Research these early and seek advice to help build a realistic “move-in buffer” to make the transition far less stressful.
2. Don’t try to do everything at once
It’s easy to feel overwhelmed by surveys, solicitors and removals and assume everything needs doing immediately. Prioritise what genuinely needs action now and what can wait – slowing the process where possible can save money, time and unnecessary stress.
3. Look beyond the mortgage repayment
Focusing solely on the monthly mortgage figure can give a false sense of affordability. Factor in council tax, utilities, insurance, service charges and ongoing maintenance to build a true picture of monthly costs before making an offer.
4. Protect your credit score before you apply
Avoid taking on new credit in the months leading up to a mortgage application and clear any outstanding debts where possible. Even small commitments, such as phone upgrades, can affect affordability.
5. Get your paperwork ready early
Missing documents are one of the biggest causes of delays. Having payslips, bank statements, ID and proof of deposit organised from day one can speed up the process and give buyers a competitive edge.