Data reveals 80% of FTBs will seek financial advice

While just 42 per cent of UK adults would consider consulting a financial adviser when buying a house, 82 per cent of first time buyers are already planning or would consider seeking professional financial advice to help them secure the best mortgage deal, new data revealed.

A survey commissioned by Unbiased earlier this month among 2,006 UK adults found that 78 per cent of first time buyers are confident they can get on the housing ladder within the next 12 months.

The adviser search website suggested that first time buyer confidence levels are rising because of how the current generation are approaching the way they finance their first home and how open they are to seeking advice.

The research also found that 29 per cent of Londoners are looking to buy their first home within the next year, compared to only 10 per cent of all UK adults.

Karen Barrett, Unbiased’s chief executive, added that the mortgage market has changed significantly from just four or five years ago.

“Over this period we have seen stricter lending criteria come in with the introduction of tighter affordability rules, this makes it harder for borrowers to identify the most attractive deal they could secure.

“This is exactly where the value of a professional, whole of market adviser comes in – they are experts in the mortgage market, know each lender and their criteria and can quickly find the right mortgage option for you, leaving you to focus on setting a moving date.”