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Almost half of first time buyers admit they know little about mortgages

The Nottingham Building Society recently reported nearly half of potential first time buyers know very little about mortgages. Around 15% knew nothing at all about mortgages with over 30% saying they knew very little.

When it comes to buying a property

For the majority of us it is the biggest purchase we will make. Therefore it stands to reason that we shouldn’t leave any stone unturned when it comes to doing our due diligence. There are several options when it comes to seeking advice, from friends and family, to our recommended option, a qualified professional.

We look at a few of the options below:

Bank mortgage advisers –

If you already bank with them it can sometimes be quicker and they can offer exclusive rates. They only have access to the banks mortgage offers so they are often unable to offer you the best deal.

Estate agent mortgage advisers

Convenience is key here. For example buying a new build you might think it makes sense to engage the services of the developers appointed ‘in-house’ adviser. These are typically not whole of market and will not be able to offer you the largest selection of finance options available to you. You are not obligated to use any ‘in-house’ services from an estate agent despite many agents reportedly pushing this narrative over the last 12-18 months.

Independent mortgage advisers

Can offer a streamlined process, they will handle the often complex documents, and administration of your application. A mortgage broker should have access to many more mortgage products you might not have direct access to, especially if they are ‘whole of market’. If your credit history isn’t straight forward, or you have unemployment gaps etc, a broker can recommend options most suited to your circumstances.

The importance of a healthy deposit

The Nottingham’s survey did however confirm that the vast majority of surveyed adults knew that a good deposit amount was vital to secure the best mortgage choice, with only 13% aiming to fund a property purchase with a 5% deposit.

The cost of living crisis could make it difficult for some people to save for a deposit and delay their chances of buying their first property. We recently wrote an article highlighting the various ways you can boost your deposit savings.

Whether you’re on your 10th mortgage or a first time buyer, knowledge is king when it comes to securing the best finance for your property purchase or remortgage. Our experienced team have access to 1000s of mortgage products from 100s of lenders, and most importantly know the questions to ask and the criteria to meet.

Contact us today

Contact us today for personal mortgage advice and a quote, call 01603 856936 or email [email protected]

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