Research by specialist insurer Partnership has shown that one in five people regret choices they have made around property.
As part of the survey, 2,000 people were polled on what they believed their biggest financial mistakes were. Although 5% said they had not committed any mistakes, the vast majority would – with the benefit of hindsight – have done things differently. Up to 23% admitted that the choices they’d made regarding property had been unwise.
Furthermore, 9% said they regretted ploughing money into an investment (including property) that did not live up to expectations, while 7% said that putting off purchasing a house was their biggest failing.
Meanwhile, 5% said that buying a property that was not “good value” was their most significant error in judgement, whereas only 2% thought that stalling on a remortgage was the worst choice they’d made.
“Up to one in five regret choices that they have made around property which is understandable as for most people buying a home will be the single largest purchase decision they will make in their lives,” said Mark Stopard, Head of Product Development at Partnership.
“However, when you look at what these mistakes were, some of them could have been avoided if they spoke to a mortgage broker.”
He added: “A good broker would not only highlight when the best time to remortgage is but also warn people about overextending themselves and putting choices on hold – problems which could well be the root causes of some of these regrets.”