Latest news with #JenLloyd
South Wales Argus
08-05-2025
- Business
- South Wales Argus
First-time buyers could be hit with £30,000 in costs
A study of 1,000 adults who bought their first home in the past five years found those furnishing their space spent an average of £3,487 on the likes of sofas, coffee tables and beds. While kitchen appliances – such as air fryers, coffee machines, and toasters – added another £2,662, and redecorating to suit their style came in at £2,118 on average. Others spent just shy of £3,000 on home décor – filling their new property with items like plants, wall art, and rugs. Those who hired a removal company forked out around £1,747 – and once the deal was done, many were faced with repairs, including electrical work (£1,914) and roof fixes (£1,759). The research was commissioned by Skipton Building Society to mark the launch of its Delayed Start Mortgage – a new mortgage product which allows first-time buyers to delay repayments for the first three months, giving them breathing space to get settled into their new home. Tayo Oguntonade, TV presenter, property and finance expert, said: 'There are so many hidden costs that come with buying your first home, from legal fees to moving expenses, they can really add up. 'My top tip is to take the time to understand all the costs involved in the process. 'That way, you can turn unexpected expenses into expected ones, because when you're fully informed, nothing can catch you off guard.' The study also found 43 per cent of new homeowners struggled to afford their first mortgage repayment due to the avalanche of upfront costs. Nearly two-thirds (63 per cent) said their finances were stretched to the limit, and 35 per cent were juggling costs for two properties, as rental agreements overlapped with moving in. Four in 10 (43 per cent) found it difficult to line up their move with the end of their lease – with 26 per cent blaming delays in the buying process. Jen Lloyd, head of mortgage products at Skipton Building Society, said: 'Many first-time buyers are shocked by just how much they need to spend after collecting their keys – with costs quickly mounting into the tens of thousands. 'A lot are moving from furnished rentals or their parents' homes, meaning they're starting entirely from scratch when it comes to furniture, appliances and home essentials. 'With first-time buyers focussed on saving for a deposit to get onto the property ladder, which we know is already a major hurdle for many. 'These additional expenses can often come as a surprise and can be difficult to budget for on top of everything else – from solicitor fees to new utility bills and much more. 'The process of moving is already overwhelming, and the financial hit in those first few months can make what should be an exciting new chapter feel incredibly stressful. 'It's clear that many buyers need more support and flexibility during this transition period.' While 72 per cent expected some big costs during the transition, 26 per cent had to dip into savings they hadn't planned to use. One in five (19 per cent) resorted to credit, 17 per cent took on extra work or overtime, and 15 per cent borrowed from friends or family. The most surprising costs were solicitor fees (20 per cent), estate agent charges (19 per cent) and the price of furniture (18 per cent). With 17 per cent being caught off guard by their new council tax bill, and 14 per cent were shocked by the cost of white goods. In fact, 61 per cent of those polled via OnePoll said the financial blow took the shine off getting on the property ladder, and it took an average of eight months to recover financially. Looking back, 71 per cent wish they'd known more about the true cost of buying a home – and 74 per cent called for greater support for first-time buyers as they navigate the early stages of homeownership. Jen Lloyd added: 'Big life moments like buying your first home should be a time of freedom and excitement – but for many, the financial strain makes it hard to enjoy this new chapter. 'With so many upfront costs, from essential repairs to furniture and fees, new homeowners can feel weighed down just as they're finally getting their own place. 'While it's encouraging many are preparing as best they can, the reality is these expenses still come as a shock. 'Buyers often find themselves scrambling to cover everything, whether that's dipping into savings, using credit, or leaning on loved ones. 'We believe in fairness, that's exactly why we've launched our new Delayed Start Mortgage – to give first-time buyers a fair start in their new home, and the breathing space they need in those critical first few months.'
Yahoo
08-05-2025
- Business
- Yahoo
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 on furniture, decorating, and essential appliances. A study of 1,000 adults who bought their first home in the past five years found those furnishing their space spent an average of £3,487 on the likes of sofas, coffee tables and beds. While kitchen appliances – such as air fryers, coffee machines, and toasters – added another £2,662, and redecorating to suit their style came in at £2,118 on average. Others spent just shy of £3,000 on home décor – filling their new property with items like plants, wall art, and rugs. Those who hired a removal company forked out around £1,747 – and once the deal was done, many were faced with repairs, including electrical work (£1,914) and roof fixes (£1,759). The research was commissioned by Skipton Building Society to mark the launch of its Delayed Start Mortgage – a new mortgage product which allows first-time buyers to delay repayments for the first three months, giving them breathing space to get settled into their new home. Tayo Oguntonade, TV presenter, property and finance expert, said: 'There are so many hidden costs that come with buying your first home, from legal fees to moving expenses, they can really add up. 'My top tip is to take the time to understand all the costs involved in the process. 'That way, you can turn unexpected expenses into expected ones, because when you're fully informed, nothing can catch you off guard.' The study also found 43 per cent of new homeowners struggled to afford their first mortgage repayment due to the avalanche of upfront costs. Nearly two-thirds (63 per cent) said their finances were stretched to the limit, and 35 per cent were juggling costs for two properties, as rental agreements overlapped with moving in. Four in 10 (43 per cent) found it difficult to line up their move with the end of their lease – with 26 per cent blaming delays in the buying process. Jen Lloyd, head of mortgage products at Skipton Building Society, said: 'Many first-time buyers are shocked by just how much they need to spend after collecting their keys – with costs quickly mounting into the tens of thousands. 'A lot are moving from furnished rentals or their parents' homes, meaning they're starting entirely from scratch when it comes to furniture, appliances and home essentials. 'With first-time buyers focussed on saving for a deposit to get onto the property ladder, which we know is already a major hurdle for many. 'These additional expenses can often come as a surprise and can be difficult to budget for on top of everything else – from solicitor fees to new utility bills and much more. 'The process of moving is already overwhelming, and the financial hit in those first few months can make what should be an exciting new chapter feel incredibly stressful. 'It's clear that many buyers need more support and flexibility during this transition period.' While 72 per cent expected some big costs during the transition, 26 per cent had to dip into savings they hadn't planned to use. One in five (19 per cent) resorted to credit, 17 per cent took on extra work or overtime, and 15 per cent borrowed from friends or family. The most surprising costs were solicitor fees (20 per cent), estate agent charges (19 per cent) and the price of furniture (18 per cent). With 17 per cent being caught off guard by their new council tax bill, and 14 per cent were shocked by the cost of white goods. In fact, 61 per cent of those polled via OnePoll said the financial blow took the shine off getting on the property ladder, and it took an average of eight months to recover financially. Looking back, 71 per cent wish they'd known more about the true cost of buying a home – and 74 per cent called for greater support for first-time buyers as they navigate the early stages of homeownership. Jen Lloyd added: 'Big life moments like buying your first home should be a time of freedom and excitement – but for many, the financial strain makes it hard to enjoy this new chapter. 'With so many upfront costs, from essential repairs to furniture and fees, new homeowners can feel weighed down just as they're finally getting their own place. 'While it's encouraging many are preparing as best they can, the reality is these expenses still come as a shock. 'Buyers often find themselves scrambling to cover everything, whether that's dipping into savings, using credit, or leaning on loved ones. 'We believe in fairness, that's exactly why we've launched our new Delayed Start Mortgage – to give first-time buyers a fair start in their new home, and the breathing space they need in those critical first few months.'
Wales Online
08-05-2025
- Business
- Wales Online
First-time homeowners spending an extra £30k after moving in
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 First-time homeowners might be hit with expenses close to £30,000 in the first three months after getting their keys, as they shell out for furniture, decoration, and essential appliances. A survey of 1,000 adults who bought their first home within the past five years showed that, on average, new property owners spent £3,487 on items like sofas, coffee tables, and beds. Kitchen gadgets such as air fryers, coffee machines, and toasters racked up another £2,662, while redecoration costs came in at an average of £2,118. Some forked out nearly £3,000 on home décor, including plants, wall art, and rugs, and those hiring a removal firm faced bills of about £1,747. Post-purchase, many had to tackle repairs, with electrical work costing £1,914 and roof repairs at £1,759. The research indicated that 43 per cent of new homeowners struggled to make their first mortgage payment due to these upfront costs. The study was carried out by Skipton Building Society to mark the launch of its Delayed Start Mortgage – a new product designed to give first-time buyers a break from repayments for the initial three months, allowing them to settle into their new home. Article continues below In the recent survey, a staggering 63 per cent of new homeowners said their budget was stretched to the limit, with over a third managing costs for two homes while juggling rental agreements and property purchases. Skipton Building Society's head of mortgage products Jen Lloyd commented: "Many first-time buyers are shocked by just how much they need to spend after collecting their keys – with costs quickly mounting into the tens of thousands. "These additional expenses can often come as a surprise and can be difficult to budget for on top of everything else – from solicitor fees to new utility bills and much more." Lloyd also mentioned: "The process of moving is already overwhelming, and the financial hit in those first few months can make what should be an exciting new chapter feel incredibly stressful. It's clear that many buyers need more support and flexibility during this transition period." Three quarters of the participants expected to have to spend extra money when they moved in but a quarter didn't anticipate tapping into their savings. Many first-time buyers had to resort to credit, working overtime or borrowing money from friends and family. Brits end up spending thousands on new furniture (Image: (Image: Getty) ) For two-thirds of respondents, these financial pressures dimmed the excitement of moving into a new home, with the average time to recover financially being eight months. Looking back, seven in ten of those surveyed admitted they wished they had been better prepared for the true cost of buying a home, while an even greater number, called for more support to be offered to first-time buyers during the initial period of homeownership. Jen Lloyd added: "Big life moments like buying your first home should be a time of freedom and excitement – but for many, the financial strain makes it hard to enjoy this new chapter. With so many upfront costs, from essential repairs to furniture and fees, new homeowners can feel weighed down just as they're finally getting their own place. Article continues below "While it's encouraging many are preparing as best they can, the reality is these expenses still come as a shock. Buyers often find themselves scrambling to cover everything, whether that's dipping into savings, using credit, or leaning on loved ones. "We believe in fairness, that's exactly why we've launched our new Delayed Start Mortgage – to give first-time buyers a fair start in their new home, and the breathing space they need in those critical first few months."
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Scotsman
08-05-2025
- Business
- Scotsman
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. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... A study of 1,000 adults who bought their first home in the past five years found those furnishing their space spent an average of £3,487 on the likes of sofas, coffee tables and beds. Meanwhile, kitchen appliances – such as air fryers, coffee machines, and toasters – added another £2,662, and redecorating to suit their style came in at £2,118 on average. Advertisement Hide Ad Advertisement Hide Ad Others spent just shy of £3,000 on home décor – filling their new property with items like plants, wall art, and rugs. Those who hired a removal company forked out around £1,747 – and once the deal was done, many were faced with repairs, including electrical work (£1,914) and roof fixes (£1,759). The research was commissioned by Skipton Building Society to mark the launch of its Delayed Start Mortgage – a new mortgage product which allows first-time buyers to delay repayments for the first three months, giving them breathing space to get settled into their new home. Tayo Oguntonade, TV presenter, property and finance expert, said: 'There are so many hidden costs that come with buying your first home, from legal fees to moving expenses, they can really add up. Advertisement Hide Ad Advertisement Hide Ad 'My top tip is to take the time to understand all the costs involved in the process. 'That way, you can turn unexpected expenses into expected ones, because when you're fully informed, nothing can catch you off guard.' The study also found 43 per cent of new homeowners struggled to afford their first mortgage repayment due to the avalanche of upfront costs. Nearly two-thirds (63 per cent) said their finances were stretched to the limit, and 35 per cent were juggling costs for two properties, as rental agreements overlapped with moving in. Advertisement Hide Ad Advertisement Hide Ad Four in 10 (43 per cent) found it difficult to line up their move with the end of their lease – with 26 per cent blaming delays in the buying process. From legal fees to moving expenses, they can really add up. | Shutterstock 'There are so many hidden costs that come with buying your first home' Jen Lloyd, head of mortgage products at Skipton Building Society, said: 'Many first-time buyers are shocked by just how much they need to spend after collecting their keys – with costs quickly mounting into the tens of thousands. 'A lot are moving from furnished rentals or their parents' homes, meaning they're starting entirely from scratch when it comes to furniture, appliances and home essentials. 'With first-time buyers focussed on saving for a deposit to get onto the property ladder, which we know is already a major hurdle for many. Advertisement Hide Ad Advertisement Hide Ad 'These additional expenses can often come as a surprise and can be difficult to budget for on top of everything else – from solicitor fees to new utility bills and much more. 'The process of moving is already overwhelming, and the financial hit in those first few months can make what should be an exciting new chapter feel incredibly stressful. 'It's clear that many buyers need more support and flexibility during this transition period.' While 72 per cent expected some big costs during the transition, 26 per cent had to dip into savings they hadn't planned to use. Advertisement Hide Ad Advertisement Hide Ad One in five (19 per cent) resorted to credit, 17 per cent took on extra work or overtime, and 15 per cent borrowed from friends or family. The most surprising costs were solicitor fees (20 per cent), estate agent charges (19 per cent) and the price of furniture (18 per cent). With 17 per cent being caught off guard by their new council tax bill, and 14 per cent were shocked by the cost of white goods. In fact, 61 per cent of those polled via OnePoll said the financial blow took the shine off getting on the property ladder, and it took an average of eight months to recover financially. Advertisement Hide Ad Advertisement Hide Ad Looking back, 71 per cent wish they'd known more about the true cost of buying a home – and 74 per cent called for greater support for first-time buyers as they navigate the early stages of homeownership. Jen Lloyd added: 'Big life moments like buying your first home should be a time of freedom and excitement – but for many, the financial strain makes it hard to enjoy this new chapter. 'With so many upfront costs, from essential repairs to furniture and fees, new homeowners can feel weighed down just as they're finally getting their own place. 'While it's encouraging many are preparing as best they can, the reality is these expenses still come as a shock. Advertisement Hide Ad Advertisement Hide Ad 'Buyers often find themselves scrambling to cover everything, whether that's dipping into savings, using credit, or leaning on loved ones. 'We believe in fairness, that's exactly why we've launched our new Delayed Start Mortgage – to give first-time buyers a fair start in their new home, and the breathing space they need in those critical first few months.' The most surprising costs were solicitor fees, according to poll | Shutterstock Average costs first-time buyers may face three months after moving in:
Scottish Sun
07-05-2025
- Business
- Scottish Sun
New first-time buyer mortgage with no repayments for the first three months launched
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) FIRST-TIME buyers struggling to manage the hefty costs of getting on the property ladder now have a new option to ease the financial strain. Skipton Building Society has introduced its Delayed Start Mortgage, allowing borrowers to postpone repayments for the first three months after moving into their new home. Sign up for Scottish Sun newsletter Sign up 1 The Delayed Start Mortgage offers fixed rates ranging from 4.78% to 5.4% and is available to buyers with deposits starting at just 5% Credit: Alamy The lender says this innovative product provides a much-needed "breathing space" for buyers grappling with the extra expenses that come with purchasing and furnishing a first home. According to Skipton's research, these costs can quickly spiral, with first-time buyers spending an average of £3,500 on furniture, £2,600 on kitchen appliances, and £1,700 on removal services. The study also revealed that it typically takes buyers around eight months to recover financially from moving-related expenses, which can dampen the excitement of becoming a homeowner. To ease the transition, the Delayed Start Mortgage offers fixed rates ranging from 4.78% to 5.4% and is available to buyers with deposits starting at just 5%. All the deals are fee-free, meaning borrowers won't have to pay any upfront arrangement fees. Borrowers can use the three-month repayment holiday to focus on settling into their new home without the immediate pressure of monthly mortgage payments. What fixed rates are available? BORROWERS can choose from the following six rates: Two Year Fixed, 90% LTV – 4.87% Two Year Fixed, 95% LTV – 5.20% Two Year Fixed, 90% LTV – 4.78% Two Year Fixed, 95% LTV – 5.00% Two Year Fixed New Build, 95% LTV – 5.40% Five Year Fixed New Build, 95% LTV – 5.20% Jen Lloyd, head of mortgage products at Skipton, said: "Becoming a home-owner should be one of the most exciting milestones in someone's life. "However, our research shows that first-time buyers are struggling and feel the cost associated with the move takes the shine off getting on to the property ladder. "We hope that this product will help first-time buyers settle into their new home and help ease the strain of the costs that come with buying a first home that go beyond the deposit." The Sun's James Flanders explains how to find the best deal on your mortgage However, while the mortgage allows you to pause repayments for the first three months, interest will continue to accrue during this period. This means the total amount you owe will go up slightly, as the unpaid interest is added to your total mortgage costs. There's no such thing as a free lunch Mark Harris, chief executive of mortgage broker SPF Private Clients How does the mortgage work in practice? If you sign up for the Delayed Start Mortgage, you won't need to make any payments for the first three months. During this time, no payments are required, but interest will still be charged at the fixed rate you originally chose. For example, if you selected a two-year fixed rate of 5.2% with a 5% deposit, your payments for the first three months would be £0. After the three month break, your mortgage will continue at the same 5.2% rate until August 8, 2027. Assuming the interest rate remains the same, your monthly payments for the remaining 24 months of the fixed period would be £1,516.27. In comparison, if you opted for the same mortgage deal without the three-month payment holiday, your monthly payments would be £1,491 over the same 24-month period. In total, deferring the first three payments would cost you an additional £606.48 in interest over the two-year period. Mark Harris, chief executive of mortgage broker SPF Private Clients, says: "Skipton should be applauded for this innovation as it is yet anther example of the building society ethos of actually trying to help first-time buyers with real-world solutions. "However, there is no such thing as a free lunch. "Enjoying a mortgage sabbatical will cost around £600. "Also, it is not the cheapest rate for a 95% loan-to-value fee-free product." For instance, Barclays is currently offering a five-year fixed rate deal at 95% loan-to-value (LTV) with an interest rate of 4.84%. For a £230,000 mortgage, this would result in monthly payments of £1,358, fixed for 61 months. This figure includes a £115 fee. How much can I borrow? A MORTGAGE affordability calculator helps determine how much you can borrow. It uses your income and expenses to estimate the maximum loan you can afford. Thes calculators consider your gross income, including salary, bonuses, and other income sources. It also takes into account your monthly outgoings, such as bills, debt repayments, and living expenses. By analysing your income and expenses, the calculator estimates your disposable income. It then uses this information, along with current interest rates, to calculate the maximum mortgage you can realistically afford. Some calculators also consider your credit score and debt-to-income ratio. Banks, lenders, broker websites, and price comparison platforms all provide these convenient online tools. How can I compare monthly mortgage costs? Mortgage calculators can help you compare the total cost of two different mortgages. They allow you to input key details like loan amount, term, and interest rate for each mortgage. You can then compare the monthly payments and total interest paid over the loan term for both mortgages. Calculators also let you factor in additional fees and incentives to get a more accurate comparison of the overall cost. This helps you determine which mortgage offers better value, even if the interest rates are similar. Ultimate Mortgage Calculator can help you do this in minutes. Just enter the details of the mortgage products by visiting
