Money worries keep 38 per cent of first-time buyers up at night

A new survey has found that first-time buyers seriously underestimate how much it costs to buy, move into and maintain a property, as 38 per cent of first-time buyers said worrying about their finances keeps them up at night.

According to thisismoney.co.uk, the report from the Money Advice Service (MAS) found that 19 per cent of Brits who had bought their home in the last two years said they now regret the decision and wish they had bought somewhere cheaper. Moreover, 74 per cent have admitted they needed to stretch their finances to be able to afford their home.

The cost of running a home is too stressful for some, as one in ten buyers claimed they hadn't even considered how much it would cost to run their new home. More than half also said their bills were higher than they thought they would be, reports moneyadviceservice.org.uk.

Caroline Rookes, CEO of the Money Advice Service, said it's important to be aware of all the maintenance costs involved in order to keep household expenses under control.

“It's really concerning to hear so many recent first-time buyers have over-stretched themselves financially,” she stated. “I urge all home buyers – even those higher up the property ladder – to ensure they are not taking on too much if they've borrowed the maximum available.

“Being able to afford the mortgage doesn't mean you can necessarily afford the home – and all the associated costs.”