THE attitudes to home buying from Scots have yet to catch up with the recovery in mortgage lending.
That’s the conclusion of new research from Barratt Homes, with misconceptions and confusion around the house buying process hampering the aspirations of potential homebuyers.
Barratt list the top three mortgage myths and misconceptions as 1) a tendency to overestimate the required deposit by three times, 2) An exaggerated view of how long the mortgage process will take, and 3) Almost seven months’ worth of spending checks.
Adrian MacDiarmid, head of mortgage lender relations at Barratt Developments said, “Our research highlighted that consumer attitudes have not kept up with the fact that the mortgage market has recovered strongly. But also it reveals misconceptions about what is needed when it comes to applying for a mortgage, from deposits through to questions asked as part of the mortgage process.
“Mortgage rates are at an all-time low and although we know that they will increase at some point, buyers who are concerned about how this might affect them should consider some of the fixed rate schemes available that will give them the security of knowing that their payments will stay the same for the initial period of the mortgage.”