Many first-time buyers are failing to seek mortgage advice when buying a new home because they do not think it is a priority, according to new research.
Excited by the prospect of owning their own place, the majority of first-time buyers do not make sure they get advice from independent financial advisors, a study by IFA Promotion reveals.
Around 80 per cent of non-homeowner Britons said they did not understand how the mortgage market works and an additional 64 per cent said they felt seeking financial advice when taking out a mortgage was of great importance.
However, IFA Promotion found that only 18 per cent of first-time buyers sought mortgage advice before they took one out.
Karen Barrett of IFA Promotion said: "It's perhaps understandable that first time buyers focus more on securing their first home than the best value home loan and other financial products than more experienced homeowners.
"But arguably it is the first time buyer who needs the benefit of independent financial advice most, so we urge first timers to make their mortgage choice a priority and ensure they visit an IFA for advice." To read more Mortgage News, click here.
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