First time buyers would benefit from mortgage advice

Thomas Oliver’s Hertfordshire Mortgage Adviser and protection specialist, Richard Rushworth, considers why first time buyers should get mortgage advice so they better understand the home buying process.

The NatWest’s Home Buying Survey results suggest people may not be buying a house partly due to a lack of knowledge about the home buying process; this seems particularly evident in the 20-24 age group.

The survey asked 2,025 UK residents aged between 20-45 years old about their experience and knowledge of the home buying process and over a third – 36% of people who didn’t own a property don’t think they will be able to afford to buy a house in future. 

Of the people that didn’t think they would be able to afford to buy a house 48% of these potential first time buyers gave financial reasons for example saving for a deposit, securing a mortgage or deciding on which mortgage deal as the biggest barriers to purchasing a home.

However, for those aged 20-24 years old the survey shows 40% of this group don’t think they will be able to purchase a property in future.

Richard Rushworth, Mortgage Broker and Protection specialist in Brentwood & Hertford & Cheshunt, Hertfordshire said:

“The Home Buying Survey shows how pessimistic UK residents are about the chances of purchasing their own home, particularly in the younger age group. It is worrying that many people cited securing a mortgage or deciding which mortgage deal to take as barriers to purchasing a home. The survey results also showed that most non-homeowners were not comfortable explaining all the elements of the home buying process.  

Richard Rushworth, Mortgage Advisor and Protection specialist in Brentwood & Hertford & Cheshunt, Hertfordshire continued:

I would recommend anyone who is a potential first time buyer living in North London, East London, Hertfordshire or Essex to meet with Thomas Oliver and get mortgage advice as soon as possible so they get a better understanding of the costs involved in home buying. There are a range of mortgage options and mortgage products available that we can discuss with you. Purchasing a home is a big commitment but we can assist you and help you understand what property you can afford, and which mortgage would be most suitable for you given your financial circumstances. At Thomas Oliver we are proud to be working with Openwork, one of the largest financial advice networks in the UK – To book a free mortgage advice consultation please contact me on 01707 872000.”