Many would‑be first‑time homebuyers feel underprepared for the steps involved in buying a home, according to new research from Lloyds.
In a study of 2,000 prospective first‑time buyers, just 13% said they fully understand the homebuying process. A further 32% understand most steps, while 42% said they know some of what’s involved.
Legal jargon and affordability top the list of concerns
When asked about the most daunting parts of buying a home, nearly a third (29%) pointed to the legal process – including conveyancing and dealing with the Land Registry.
Other areas causing uncertainty include getting a mortgage (22%) and finding the right property (12%). Just 4% of respondents said they felt confident about every stage of the process.
Affordability is another major hurdle. Over one in five (22%) said needing to save a large sum of money had delayed them from making an offer, while 19% were worried about future job security or income stability.
Advice is key – but not everyone is seeking it
Despite these challenges, most aspiring homeowners are taking steps to get informed. Nearly two-thirds (65%) plan to speak to a lender or mortgage broker to help guide them through the process.
However, almost one in five (19%) said they don’t intend to seek any advice at all.
Parents are the most trusted source of advice when purchasing a home, with more than a third (34%) of respondents saying they’d trust mum and dad. That number increases to nearly half (46%) of those aged 18 to 24.
Supporting first-time buyers through the journey
“Buying your first home is a big milestone, and it’s natural to feel uncertain – especially with so much to consider,” says Amanda Bryden, Head of Mortgages at Lloyds.
“The good news is there’s plenty of help available, from clear online guides to a conversation with a qualified mortgage adviser or broker.
“With the right support, taking that first step onto the property ladder becomes much more manageable. And with mortgages available with as little as a 5% deposit, it’s often more affordable than you might think.”
Top tips for future first-time buyers:
1. Learn the steps
Do your research. From an agreement in principle, to mortgage approval to moving day. Free guides and resources like the expert-led online sessions from lenders like Lloyds can help make it all much clearer.
2. Get advice
Speak to a mortgage adviser or broker early. They’ll help you understand what you can afford and what costs to expect, from deposits to legal fees. Lloyds lets you make a video appointment at a time that’s convenient for you.
3. Explore your options
Support is available. Government schemes like First Homes and products like Lloyds’ Lend a Hand or 5% deposit mortgages can make buying more affordable than you might think.
