It’s a great moment in the house buying process, when a mortgage offer is confirmed and you know that one of the major hurdles has been overcome. You’re a bit closer to owning your dream property.
Yet a study by the Yorkshire Building Society* which surveyed 948 people planning to purchase their first home in the next 12 months across the UK reveals that just 28 per cent are considering using a mortgage broker to help them secure property finance.
Despite the fact that almost 40 per cent of those surveyed said that purchasing a home is more important than getting married or having children, the vast majority of first-time buyers are underestimating the importance of taking expert advice from a mortgage broker when they start their house hunt.
Of those surveyed, 47 per cent who had successfully purchased their first property within the past 12 months had actually used a mortgage broker, demonstrating that the professional advice and guidance on navigating the enormous range of property finance products in the marketplace had improved their ability to secure a mortgage offer.
The report stated: “It would appear that mortgage brokers are helping lots of first-time buyers to find and apply for a mortgage but prospective first-time buyers may not be aware of the role a mortgage broker can play in this respect. Perhaps an earlier conversation with a mortgage broker could help prospective first-time buyers to consider their options and understand what is possible earlier in the process.”
*First-time buyers 2018: The expectations and realities of buying your first home