WARRINGTON, United Kingdom, April 23, 2025 (GLOBE NEWSWIRE) — A property and mortgage expert has shared the five most common mistakes people make when purchasing a home.
Sam Fox, the founder of UK Mortgage Centre, issued his advice as the market gets set to enter its most frenetic period of 2025.
Spring is always one of the most popular periods of the year to buy a house, with May 31, 2024, being the busiest day of the year to move home last year.
And latest data indicates 2025 is going to be equally as busy.
According to Zoopla, the property market is being swamped with listings, and there are 11 per cent more homes for sale now compared to this time last year.
Zoopla estimates the average estate agent now has 33 homes for sale compared to 29 last year.
Making the right decisions at the right moment will therefore be key for anyone looking to buy a property.
Property expert Sam, who has helped support thousands of people to move home, said: “The market is very competitive, but as always, there are good deals out there to capitalise upon if you take the right steps.”
“In my experience, the buyers who do best are the ones who prepare in advance and have a clear plan. You can’t neglect the groundwork. Preparation is everything; understand your budget, your options, and the bigger picture before you commit to anything.”
Sam breaks down five of the most common mistakes buyers make, along with his advice on how to stay a step ahead:
1. Viewing homes without knowing your budget
“This still happens more often than you’d think. People fall for a home emotionally, only to discover they’re chasing something out of reach. Before falling in love with a home, it’s so important to know exactly what you can afford. An agreement in principle tells you exactly what you can afford, saving time and setting expectations. Without it, buyers risk disappointment and delays. In markets like Swindon, where house prices have reached up to seven times the average salary, being financially clear-headed isn’t optional, it’s essential.”
2. Believing all mortgage brokers are the same
“Many buyers assume that every broker offers access to the same deals. This isn’t the case, Some brokers are tied to just a few lenders. That means you might miss out on a better deal elsewhere. A whole-of-market broker searches exactly that, the whole-of-market – searching up to thousands of products.
“Some lenders are restricted to specific lender panels or driven by commission incentives, which can influence the advice they give. In today’s shifting mortgage market the right adviser doesn’t just find you a product, they help you make a better long-term decision.”
3. Overlooking the real cost of homeownership
“A mortgage might be your biggest bill, but it is far from the only one. There’s council tax, insurance, gas and electric, and saving for any unexpected repairs. People budget for their monthly repayments but forget to factor in what I call ‘life costs’. The things that always pop up. These hidden costs can stretch your budget thin if you’re not prepared. From energy bills to boiler repairs, make sure you have accounted for the full picture, not just the mortgage.”
4. Making an offer without doing your homework
“Getting caught up in the excitement of a property is natural. However, rushing into an offer without understanding the market can be a misstep. Check what similar homes have sold for in the area you’re looking to buy. Talk to estate agents and ask questions. Zoopla data shows that two-fifths of sellers accepted offers at least 5% below the asking price in early 2024, meaning there’s usually room to negotiate.
5. Damaging your credit mid-application
“This one is all about timing. Once your mortgage application is in progress, don’t take out any more credit like purchasing a new car on finance. Once you’re in the final stages of a mortgage application, it’s not the time to make big financial moves.
“Lenders often do final checks just before completion. A sudden dip in your credit score or an increase in debt can lead to your mortgage offer being pulled, even at the last minute. The advice here is simple: don’t touch your credit until you’ve got the keys.”
Sam concluded: “Buyers should treat the process with excitement but go slow and steady. This is one of the biggest purchases you will ever make. With the average mortgage term stretching 35 years and household budgets under pressure, careful planning is more than just sensible; it is essential.”
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