FTBs failing to get mortgage advice

clock

Almost three-quarters of first-time buyers believe obtaining independent financial advice is important before their purchase a mortgage but only 18% of them actually see an IFA new research reveals.

The survey conducted by YouGov on behalf of IFA Promotions (Ifap) says the majority of first-time buyers (43%) will go direct to a bank or building society instead of visiting an adviser. This is in spite of the figures which suggest 70% of non-homeowners in the UK say they see independent financial advice when arranging a mortgage. And nearly two-thirds (64%) of those surveyed say they believe it is important to receive independent financial advice when arranging protection and investment products alongside a mortgage. Around 18% of non-homeowners say they have a clear understanding of t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read