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Our latest First-Time Buyer Index reveals a clear difference between what aspiring homebuyers expect and what actually happens, says Nicola Goldie, Head of Strategic Partnerships and Growth, Aldermore.
First-time buyers might seem more informed than ever. The days of wandering the high street for mortgage leaflets are long gone, replaced by an abundance of online resources and property advice at the click of a button. Many prospective buyers come to brokers having done their homework, confident about what they want and what they think they can afford.
But they don’t always get it right. Aldermore’s latest First Time Buyer Index highlights significant gaps between what buyers expect and what actually happens during the homebuying journey. These expectation gaps can lead to stress, disappointment, and even delays, but they also reveal where mortgage brokers can add the most value.
Buying a first home is often portrayed as an exciting milestone, but in reality, the process can be stressful. According to our survey of first-time buyers who purchased in the last two years:
These figures reveal a clear truth: it’s often uncertainty and confusion, not the transaction itself, that causes the most pressure. Understanding where these knowledge gaps exist can help brokers guide buyers more effectively.
One of the most significant expectation gaps is around affordability. Prospective first-time buyers typically estimate that they will spend around 26.7% of their income on mortgage repayments. In reality, recent buyers spent 31% on average, with higher percentages for younger buyers and those near London.
This discrepancy matters because it shapes decisions long before a broker is involved. Buyers may make offers on properties that , even exceed, their budgets. Engaging early allows brokers to provide a clear picture of affordability, helping clients understand what they can realistically borrow and what their monthly repayments are likely to be.
Early guidance can prevent stressful surprises, rejections, and the need to backtrack later in the process.
Another common knowledge gap is around deposits. While most buyers understand that a larger deposit improves their chances of securing a mortgage, they often lack awareness of the best ways to save.
Our research shows that 40% of prospective first-time buyers hold their deposit in a current account.
Many buyers underestimate how little interest current accounts pay. While brokers don’t give personal savings advice, discussing deposit-building strategies and pointing buyers toward useful tools can make a real difference in helping them maximise available benefits.
Brokers consistently receive high marks from first-time buyers. In our survey:
However, a major challenge is timing. Only 24% of prospective buyers engage a broker early in the process. By the time a purchase is completed, that number rises to 71%.
In other words, first-time buyers know brokers are valuable; they just don’t think they need one yet.
The challenge isn’t proving broker value, first-time buyers already recognise it. The real opportunity lies in encouraging earlier engagement. Brokers make the most impact when they guide buyers before problems occur, helping them understand realistic budgets, navigate paperwork, and approach property searches with confidence.
What brokers can do is make it clearer that support is available much earlier in the journey. Positioning yourself as an early-stage guide, not just a mortgage arranger, can hopefully help pull some buyers forward before problems set in.
That might include promoting mortgage-ready checks in your marketing, offering informal online Q&A sessions for those still at the thinking stage, or running free first-time buyer clinics in your local community. Working closely with local estate agents, or speaking to existing clients about helping their adult children, can also open earlier conversations.
Not every buyer will seek advice early, but for those who do, the benefits are tangible: smoother processes, reduced stress, and better preparation for one of life’s biggest financial commitments.
In short, brokers have a unique opportunity to bridge the knowledge gap for first-time buyers. By educating clients, managing expectations, and guiding them through the early stages of homeownership, brokers can help make the journey less daunting, and ultimately more successful.