Buying a home is a monumental step, but for many first-time buyers (FTBs), navigating the mortgage maze is proving tricky.
A recent survey by Moneybox, involving 500 successful FTBs across the UK, has shed light on the challenges these buyers face.
A significant 43% of respondents admitted they wished they had spent more time researching mortgage options. Meanwhile, 39% regretted not using a mortgage broker, missing out on invaluable expertise. Additionally, 37% of FTBs believe there should be greater financial support from the government, and 36% called for more personalised guidance in finding suitable mortgage options.
The survey also highlighted that 28% of FTBs feel more should be done to help them find a suitable mortgage broker, while 27% identified a need for better guidance in selecting solicitors and surveyors.
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A Moneybox spokesperson commented, “Buying a home is the biggest financial commitment most of us will make in life, so it’s understandable that so many first-time buyers are calling out for more guidance and support throughout their homebuying journey.”
The spokesperson added, “Our research shows that a surprising number of people are not using the services of a mortgage broker, missing out on freely available expertise and guidance that could prove invaluable. We also know that many wait until they’ve had an offer accepted before engaging a broker. It’s disappointing to see that 8 in 10 recent home buyers wish they had done certain things differently.”
The survey underscores the need for the property industry to break down barriers and provide better support. By doing so, FTBs can make more informed financial decisions and approach their homebuying journey with greater confidence.
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