When it comes to realising their home-buying dreams, most first-time buyers are swept away with the thought of their new property and don't consider mortgage advice a high priority, according to a study from IFA Promotion.
When taking out their first mortgage, only 18% of people visited an IFA for advice, compared to 43% who visited a bank or building society. This is despite the fact that 70% of non-home-owning British adults believe it is important to receive independent financial advice when arranging a mortgage.
Less than a fifth of non-homeowners claim to have a clear understanding of the mortgage market, making it more worrying still that they do not act on their belief in independent financial advice.
Karen Barrett of IFA Promotion commented: "It's perhaps understandable that first time buyers focus more on securing their first home than the best value homeloan 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."
