Two in three homebuyers face unexpected costs during the homebuying process, including renovations and repairs, moving costs, legal fees and Stamp Duty.
First-time buyers (66%) were most affected, but more than half (55%) of experienced buyers were surprised too.
Unexpected costs add financial pressure and can delay the process: 46% took between 3 and 6 months to exchange contracts, and 16% were delayed by more than 6 months.
More than 25% called unexpected costs the most frustrating part of buying their home.
Mortgage payments set to rise for half a million
Some 469,192 homeowners with mortgages taken out in 2020 are set to face hefty rises in monthly repayments at the end of their five-year fixed rate deals.
These mortgage holders currently benefit from an average interest rate of 2.11%. Moving to their lender’s standard variable rate (SVR) could increase monthly payments by an average of £510.
Since 2020, Bank of England rate rises have pushed borrowing costs up significantly, resulting in a wave of mortgage payments increases expected in coming months.
🚨 Data accurate as of the date of publication
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Essentially Mortgages Q3 2025
