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80% of first time buyers, say using a mortgage broker was helpful and worthwhile

June 18, 2019

First Time Buyers

A recent survey by compare the market found that 80% of people say that using a broker was helpful and really worthwhile. Nearly 20% didn’t think using a mortgage broker had helped them at all.

However, 44% of the ones that didn’t use a broker said they would be nervous next time to arrange again without the help of a mortgage advisor or mortgage broker.

The survey found that 25% of first-time buys went directly to their own bank to take out there mortgage, instead of shopping around for the best rate.

Surprisingly only 12% looked around the price comparison site when they took out there first mortgage.

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First Time Buyers

They also asked what first time buyers regretted about the first purchase experience:

Around 50% indicated that they had made some expensive errors when purchasing for the first time.

Around 15% wished they offered a lower amount for the property and negotiated harder.

10% said they used all their savings and rainy-day money for the deposit, which left them short on furnishings and works that needed doing.

25% said they paid too much to solicitors, surveyors, estate agents and Mortgage brokers.

Mortgage broker- Total Home loans in Bournemouth said: First time buyers may not know which services and products offered to them are mandatory and if they are good value. We recommend speaking to a mortgage broker who can hold your hand through the process. We think the mortgage industry should do more to educate on the importance of getting advice from a mortgage broker.

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Important Information

We do NOT charge any upfront cost. We may charge a typical fee of up to 2% of the amount of the loan for arranging a mortgage.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Equity Release will reduce the value of your estate and can affect your eligibility for means tested benefits.

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