Two in five FTBs struggle to secure mortgage, study finds

Two in five (40%) first-time buyers (FTBs) have found it difficult to secure a favourable mortgage rate, new research by Moneybox has indicated.

Understanding the best mortgage options available for their circumstances was identified as a key challenge experienced by recently successful FTBs.

Moneybox recently undertook research among 500 recently successful FTBs across the UK to highlight the challenges encountered on their journey to homeownership.

Those who struggled to understand their mortgage options were also more likely to have regrets about their homebuying journey, after 43% of respondents said they wished that they had spent more time researching the mortgage options available to them, while 39% regretted not using a suitable mortgage broker.

Reflecting on how the next generation of homeowners in the UK could be better supported, 37% of FTBs in the study also said that there needs to be greater financial support made available, while 36% called for more guidance to help people find suitable mortgage options relative to their personal circumstances.

Head of mortgages at Moneybox, Felicity Holloway, commented: “Buying a home is the biggest financial commitment most of us will make in life, so it's understandable that so many FTBs are calling out for more guidance and support throughout their homebuying journey.

“Yet, our research shows that a surprising number of people are not using the services of a mortgage broker, and so are missing out on freely available expertise and guidance that could prove to be invaluable in helping them achieve the best outcomes possible.

“As an industry, we must do more to break down the barriers that are preventing people from finding the information they need and to support them in making financial decisions throughout their homebuying journey with greater confidence.”



Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

Air and the role of later-life lending
Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.