There’s nothing wrong with getting a helping hand when you feel you need it. And it seems that when it comes to the process of buying a new house, most first-time buyers are considering doing exactly this.
New research has found that 8 in 10 first time buyers would be keen to seek the guidance and support on offer from a mortgage broker to help them secure that dream property.
In the latest Roots Mortgages blog, we take a look at the stats and examine why this might be.
What research has been done?
Yorkshire Building Society has conducted research into 2000 buyers who are dipping their toe into the housing market for the first time.
According to the research, 8 in 10 potential buyers would be keen to work with a broker in order to secure their first mortgage.
In fact, 13% of respondents had already engaged with a broker as part of their attempt to get that first home secured.
Why are first-time buyers seeking broker support?
In short, getting onto the property ladder is not always straightforward. It can be a complicated and difficult task, so getting guidance and advice about what to do and how to do it can prove crucial.
The research highlighted a number of specific reasons as to why many first-time buyers are keen to get the support that brokers offer.
One identified reason was a lack of confidence around the property buying process, while another was a desire to avoid large amounts of paperwork.
Not knowing where to access the best deals for their circumstances was another important reason, while confusion around technical terminology was a further obstacle that sees potential first-time buyers seeking brokers.
Is this applicable to contractors and freelancers?
Absolutely! The recent research is representative of a general feeling of discomfort among first-time buyers when it comes to getting on the property ladder. If you are a contractor or a freelancer and a first-time buyer, then there are likely to be even more obstacles in your way.
Though easier than in times gone by, self-employed workers often find themselves faced with challenges and difficulties around securing that first property. This is due to factors such as providing evidence of financial security and a host of additional paperwork being chucked your way.
This can create a bit of a minefield for contractors and freelancers when entering the property market. Negotiating this without professional support can bring stress, difficulty and unwanted outcomes when trying to secure a home.
Using a broker is a bit like taking your car to the garage. If you have an issue and know a thing or two about cars, you might be able to fix things. But going to the garage is being on the safe side in order to make sure things get done as you want and as you need.
A mortgage broker is in a position to direct, guide and support you during the process of buying a home. A good broker can prevent you from making costly mistakes when entering the field of play by yourself.
If you feel that you required that kind of support, be sure to take the necessary steps to support yourself on the path towards your first home.