A staggering 10% of first time buyers regret buying their first home, but you don't have to make sacrifices you'll regret or break the bank to get your foot on the property ladder.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
We've found that first time buyers are suffering from stress, anxiety and depression because of the sacrifices they're making to buy their first home.
The ladder of regret
Of the 750 new homeowners we surveyed:
40% had to move away from their family
1 in 7 moved to a higher crime area
Over 25% moved further away from work
10% had to move to a higher flood risk area
We spoke to Lorna, a first time buyer from Gloucestershire, about the sacrifices she made to be able to buy her first home:
We really struggled to save up enough deposit, so we moved in with my parents for six months.
This caused us much stress, but I felt it was worth the sacrifice because I really wanted to live close to my family.
If you are struggling to save enough for a house deposit there are lots of ways you could boost your savings.
Here are some things you can do to help buy your first home, without making sacrifices that may make you miserable.
Here are some quick and easy ways to save money buying a house:
Check how much you could borrow before you start looking at properties. This way you'll know how much you can afford and what you need to save as a deposit. Find out how much you could borrow with a mortgage here.
Research government schemes which are designed to help you afford your first home. The Help to Buy scheme offers an interest free loan for five years towards new build properties.
The bigger your deposit the better the deal you'll get and the more you'll be able to afford. It might be worth holding on for as long as you can and saving up instead of buying in an area that isn't suitable.
Look at getting a Lifetime ISA because free cash from the government is too good to turn down. Here's how it works.
Shop around for your mortgage - don't just take one out with your existing bank, because you might not get the best deal. Here's how to find the right mortgage deal.