13-08-2007
First-time buyers rely on friends and family
First-time homebuyers are more likely to seek the opinions of friends and family members when searching for mortgage advice, new research has revealed.
According to the results of data produced by Abbey, although 13 per cent of those buying their first home seek the advice of a specialist broker, 23 per cent opted for the help of friends and family.
"[Our data shows] 13 per cent of first-time buyers used a broker for advice, suggesting brokers have a great opportunity to engage with them," said Ricky Okey, managing director of Abbey for Intermediaries. "The results show some promising signs for the future, with a shifting attitude of young first-time buyers who are [seeing] the benefits of seeking advice from intermediaries," he added.
Indeed, of those aged between 25 and 34, 28 per cent confirmed that their mortgage advice was obtained through a mortgage broker when embarking upon their first house purchase.
For those considering their first buy-to-let property purchase, professional advice of some kind can be helpful. Simply Business offers a wealth of information on property investments on its website, plus fast, no-obligation quotes on buy-to-let mortgage rates and landlord insurance.