Also, of those who don’t own their own home, one in five acknowledge home ownership is out of their reach.
The research highlights something of an anomaly within the psyche of potential first time buyers; 62 per cent of prospective buyers say owning their own home is part of a life plan, but one in four said they were unsure how they would fund the purchase of the property. Also, eight in ten of people hoping to make their way onto the property ladder admitted to knowing “little or nothing” about mortgages, with 45 per cent of women as opposed to 30 per cent of men admitting to knowing nothing about mortgages. These statistics alone display the pressing need for first-time buyers to seek independent financial advice.
Karen Barrett of impartial.co.uk commented: “Buying a home is one of the biggest financial decisions of your life; however our research shows a lack of knowledge about the perils of the home buying process. First-time buyers are less concerned with funding the purchase, and more concerned about getting a foot onto the property ladder. A huge proportion of people know nothing, or little, about buying a property or mortgages. The need for advice is clear and arguably it is the first-time buyer who would benefit from independent financial advice the most, so we urge first timers to make their mortgage choice a priority and ensure they visit an IFA for advice.”
