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First-time buyers could be hit with nearly £30,000 in costs in first three months

Research involving a group of people who purchased their initial property within the last five years highlighted substantial initial expenses during the early months following the acquisition.
Research carried out for Skipton Building Society’s introduction of its Delayed Start Mortgage revealed that expenses such as furnishing, repairs, and other costs quickly add up for new homeowners.
On average, buyers spent £3,487 on furnishing, £2,662 on kitchen appliances, £2,118 on redecorating, nearly £3,000 on home décor, plus £1,747 on removals and significant repair costs.
Jen Lloyd, Skipton’s head of mortgage products, said, “Costs quickly mount into the tens of thousands” leaving 43% struggling with their first mortgage and 63% financially stretched.
The Delayed Start Mortgage provides first-time buyers with the option to postpone their mortgage payments for the initial three months, offering them extra time to adjust to their financial responsibilities.

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richmondandtwickenhamtimes.co.uk

+13 Reposted by 13 other sources

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First-time buyers could be hit with nearly £30,000 in costs in first three months

First-time buyers could be hit with nearly £30,000 in costs within the first three months of picking up their keys – as they shell out thousands…

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Wales Online

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First-time homeowners spending an extra £30k after moving in

A study of 1,000 adults who purchased their first property in the last five years found that many had to spend thousands extra in the first three months

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manchesterworld.uk

+9 Reposted by 9 other sources

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First-time buyers face nearly £30,000 in costs in first three months

First-time buyers could be hit with nearly £30,000 in costs within the first three months of picking up their keys – as they shell out thousands on furniture, decorating, and essential appliances.

9 days ago

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LincolnshireWorld

+12 Reposted by 12 other sources

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First-time buyers face nearly £30,000 in costs within three months of moving - here's what to look out for!

First-time buyers could be hit with nearly £30,000 in costs within the first three months of picking up their keys – as they shell out thousands on furniture, decorating, and essential appliances.

9 days ago

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Daily Express

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First-time homebuyers face £30k in unexpected costs after moving in

Research from Skipton Building Society found the first three months of having a new property can be incredibly overwhelming and expensive.

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