The Yorkshire Building Society Group’s latest First-Time Buyers Report has found that 28% of potential first-time buyers plan to finance their property with a mortgage arranged by a broker.
However, of those who have purchased their first property within the last 12 months, 47% said they turned to a broker for help with their first mortgage.
Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “Buying a house is one of the biggest financial commitments someone can make in life so it’s no surprise that we see a shift in first-time borrowers turning to a broker for help in taking that important first step on to the property ladder.
“It does however highlight that first-time buyers may not necessarily be factoring in support from brokers early on in their home buying journey, perhaps because they’re unaware of how intermediaries can help. This shows there is still much opportunity for brokers to promote their services to help guide aspiring buyers to a mortgage best suited to their needs, at a potentially overwhelming time of their life.”
The research, which was conducted by YouGov, involved a survey of a nationally representative UK sample of aspiring first-time buyers and those who have bought their first property in the last 12 months, to examine the attitudes and concerns they have towards buying their own home.
Findings from the report also indicate 32% of potential first-time homeowners would aim for a detached house as their first property and 49% would consider a semi-detached house. 24% would be happy to settle for a studio or flat.
The report also revealed how important purchasing a first home is to potential borrowers, with 39% saying it is more important to them than any other life event, including getting married or having children.
Duncombe added: “Our latest First-Time Buyers Report offers an insight into the world of first-time buyers and could help give brokers a better understanding of the challenges they face for example, or what they’re looking for in a property or mortgage which could help brokers when they are speaking to clients just starting out.
“From a customer point of view, it shows that an earlier conversation with a mortgage broker could help prospective first-time buyers consider their options and understand the possibilities sooner in the process.”