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.

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.