Abbey first time buyers turn to family

First-time buyers (FTBs) are increasingly turning to brokers rather than friends and family for mortgage advice, Abbey said today.

According to research from the lender released today, 23 per cent of homeowners consulted those close to them while buying their first home – compared with 13 per cent who asked a broker for advice.

However, 28 per cent of the first-time buyers of today – those in the 25-34 age group – said that they used a broker: the largest proportion across the demographics. This could signify an increasing dependence on professional rather than personal mortgage advice.

By way of comparison, just two per cent of OAPs consulted a broker over their first property purchase.

Managing director at Abbey Ricky Okey said that the research was “promising”, because it showed “a shifting attitude of young first-time buyers who are waking up to the benefits of seeking advice from intermediaries.

“Brokers can build on this changing attitude to become a positive driving force in the first-time buyer market.”

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