Doing it right: over three quarters of first time buyers would recommend their broker to their friends and family

POSTED: 1st October 2019
IN: Newsroom
  • Nearly a quarter (24%) of first time buyers chose to use a broker because they didn’t know where to start
  • Over three quarters (74%) would use their broker again when mortgaging

Figures from the latest First Time Buyer Index1 from Aldermore, the specialist bank, reveals that even more than ever, brokers continue to be an integral part in the process for first time buyers when purchasing their first home. Four fifths (81%) of first-time buyers say they had a good experience with their broker, and 80% would recommend them to a family member or friend.

The First Time Buyer Index also showed that the customer experience was so positive that when their mortgage deal comes to an end, three quarters (76%) would use their broker again; a great endorsement to the trusted and valued relationship brokers are building with their clients.

Damian Thompson, Director of Mortgages, Aldermore: “Navigating the home buying process for the first time can be tricky and confusing which is why brokers are such a crucial part of today’s mortgage market. They provide much needed expertise and guidance to those taking steps towards becoming homeowners. Over three quarters of first-time buyers are now using intermediaries and the Index shows this is a wholly positive and valued experience for them in making the journey easier and better.”

Reasons why First Time Buyers used a broker

A friend/family member recommended them

39%

The broker has whole market experience

31%

They were not sure where to start

24%

They found the process too complicated and wanted to use an expert

15%

To ensure they could afford their mortgage

14%


ENDS
 

1The figures are sourced from a nationally representative survey conducted by Opinium Research with a sample of 509 first time buyers who have bought a house in the past 3 years

For further information, journalists can contact:                                                  

Gareth Hill, Aldermore
Phone: 07721 127514     
Email: Gareth.hill@aldermore.co.uk  

Laura Cronin, Lansons
Phone: 020 7294 3607
Email: laurac@lansons.com

Notes to Editors:

For further information about Aldermore, please review our Notes to Editors page.

  • First Time Buyer
  • Press Release
  • Intermediaries