This is great little piece about why First Time Buyers prefer to use a mortgage broker as opposed to going through a bank or building society directly.
First-time buyers enthusiastic over brokers: Aldermore
Research from Aldermore shows that over three quarters of first-time buyers who used a broker – 76 per cent – would do so again.
The lender also found that 81 per cent were happy with their experience of using their broker, and that 80 per cent would refer their broker to a family member or friend.
Additionally, the data, taken from Aldermore’s First Time Buyer Index, asked for reasons why FTBs had opted to use a broker rather than go direct.
The top result, at 39 per cent, was because a friend or family member had recommended the broker. The second most popular reason, at 31 per cent, was because the broker had whole market experience, 24 per cent were “not sure where to start,” and 15 per cent sought expertise.
The least popular reason was to ensure that the borrower would afford their mortgage, at 14 per cent.
Aldermore director of mortgages Damian Thompson says: “Navigating the home buying process for the first time can be tricky and confusing, which is why brokers are such a crucial part of today’s mortgage market.
“They provide much needed expertise and guidance to those taking steps towards becoming homeowners. Over three quarters of FTBs are now using intermediaries and the Index shows this is a wholly positive and valued experience for them in making the journey easier and better.”