Many first time buyers simply don’t understand mortgage options available to them, a survey has found.

Moneybox, has surveyed 500 recently successful FTBs across the UK to spotlight the challenges encountered.

Some 43% said they wished that they had spent more time researching the mortgage options available to them, while 39% regretted not using a suitable mortgage broker.  

And 37% believe that there needs to be greater financial help for first-time buyers, such as government support. Some 36% called for more guidance to help people find suitable mortgage options relative to their personal circumstances. 

Another 28% felt more needs to be done to help people find a suitable mortgage broker, while 27% identified that many would value guidance on finding a suitable solicitor and surveyor.

A Moneybox spokesperson comments: “Buying a home is the biggest financial commitment most of us will make in life, so it’s understandable that so many first-time buyers are calling out for more guidance and support throughout their homebuying journey. 

“Yet, our research shows that a surprising number of people are not using the services of a mortgage broker, and so are missing out on freely available expertise and guidance that could prove to be invaluable in helping them achieve the best outcomes possible. 

“We also know firsthand that even among those who engage a broker, many wait until they’ve had an offer on a property accepted! It’s disappointing, but perhaps not surprising, to see that 8 in 10 of the recently successful home buyers we surveyed said that, in retrospect, there are certain things they wish they had done differently.

“As an industry, we must do more to break down the barriers that are preventing people from finding the information they need and to support them in making financial decisions throughout their homebuying journey with greater confidence.”