Opinion: a one-stop-shop isn’t the answer to housebuying headaches

As Halifax sets up a 'one-stop-shop' for anyone looking to buy a property, I'd argue that's a surefire way to overspend.

It’s no secret that buying a home is a seriously stressful experience. 

A study by Which? found that a massive 91% of people reckon it’s a taxing thing to do, putting it ahead of the likes of changing jobs (87%), having a child (81%) and even retiring (43%).

And now, in a bid to make things a bit easier, Halifax has launched a ‘one-stop-shop’, which it reckons will bring together everything ‒ and everyone ‒ a property buyer could need under a single roof. 

Questions you must ask before putting in an offer

Your one-stop-shop for buying a house?

‘Home by Halifax’ is a single building in London, which will be open from 7:30am to 7pm Monday to Thursday, and until 4pm on a Friday.

Inside staff will be on hand to talk to visitors about issues like saving a deposit, taking out a mortgage, what to look for in a home insurance policy, the lot. 

Halifax promises there will be free events covering things like the home buying process, with presentations from industry experts.

At the moment, for example, it has events lined up called things like ‘Looking for that first home to call your own’ and ‘Understanding the steps to take when buying your first home’.

The lender is also flagging up the fact that there will be “quality food and barista-crafted coffee”, while there are also going to be yoga classes offered for free which Halifax says will “encourage mental and physical health and combat stress”.

Cutting corners means spending more

Now as someone who is a big fan of taking the easy option, I can absolutely see the appeal of having a single place where I could get everything sorted for my property purchase, from the mortgage to buildings cover.

The trouble is that it could be a pretty disastrous approach when it comes to housing.

Halifax has an excellent reputation as an innovative lender, but its deals won’t be right for everyone. 

It’s vital that you shop around a find a lender that offers products that match your actual needs, but which is also going to lend to you based on their own criteria.

Even if Halifax does end up being the right lender for your mortgage, it’s not a given that it will be your best bet on insurance either.

Yes it’s boring, but again it’s really important that you compare quotes from a range of different insurers to protect yourself from paying through the nose for cover.

From the start to the finish of the housebuying process, you need to be shopping around to find the best people to work with, whether that’s for a mortgage broker, lender, solicitor, removals firm or whatever.

Failure to do so simply means you'll end up spending more than you need to.

And given the expense of buying a home at the best of times, that’s something you should want to avoid wherever possible.

Compare mortgage on loveMONEY: find the right deal for you

If yoga is the answer, you’re asking the wrong question

Lastly, I have to admit the offer of free yoga classes has really rubbed me up the wrong way.

I’ve bought two homes in my life, and the process was sufficiently stressful that I have warned my family that the only way I’m leaving my current home is in a wooden box.

As a result, I heartily welcome any firm wanting to address the stress levels that come with a property purchase. 

But there’s something a little tokenistic ‒ and honestly, patronising ‒ about one of the nation’s biggest mortgage lenders pushing the idea of adopting the lotus position with its staff in order to deal with the trials and tribulations of buying a property. 

Lenders can make it less stressful

It would be lovely for lenders to devote a little more energy to actually tackling the causes of the stress we experience when buying a house.

A study by online broker Trussle last year cast light on the worst parts about getting a mortgage, with poor communication and a lack of transparency right at the top.

One in seven borrowers said they rarely understood where they were in the process, while the confusing way that mortgages are marketed and the number of phone calls required were also identified by borrowers as causing their stress levels to rise.

These aren’t difficult things to fix either. In the modern age, where I can track the delivery driver with my pizza, it should not be beyond mortgage lenders to keep borrowers in the loop on precisely what’s going on with their mortgage application.

If we want to make mortgages less stressful, let’s start there, and leave the yoga well out of it.

What do you think? Am I being too harsh about a one-stop-shop for housebuying? Let me know in the comments section below.