OpenMoney has launched a new home buying service to offer personalised advice to first-time buyers.

The online service is to offer tailored advice on mortgages, as well as provide information and suggestions on solicitors, insurances, wills and surveys under one platform.

According to OpenMoney research among 900 UK adults, 48% of first-time buyers are not confident in the process of buying a house and deciding on solicitors, mortgage deals and insurance providers.

The financial advice platform’s latest offering provides access to 50 lenders and will be offered to borrowers for free.

OpenMoney co-founder, Anthony Morrow, said: “We’re here to guide customers through the home buying process, arming them with personalised, tailored advice all the way, and giving them the knowledge to feel confident in their decisions. 

“Our research found the biggest barrier to buying was saving for a deposit, and that’s where we can help as an all round one-shop solution. We ask the right questions regarding each individual circumstance, giving customers confidence that the advice is right for them. 

“Buying a property is expensive and we fundamentally disagree with mortgage providers that charge people for advice. Historically, applying for a mortgage used to be difficult, but now we offer customers an online account which includes advice, recommendations and document upload to make the process easier.”

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