A survey by West Brom Building Society has revealed that 36% of first-time buyers felt nervous before they began the mortgage process and 32% were overwhelmed as they were getting their first mortgage.
More than two-fifths – 44% – said they did not fully understand the process, while 37% had heard that getting a mortgage was stressful or difficult before they applied.
To address the challenges faced by new homeowners, West Brom Building Society has released a regional spring mortgage campaign to boost confidence and help first-time buyers feel supported and informed.
The campaign will run across billboards, the back of buses and digital channels, focusing on demystifying the mortgage journey by sharing the experiences of real people and giving practical guidance. It will explain things to consider such as affordability, credit history, and the value of securing a decision in principle.
The campaign will also spotlight people who faced initial setbacks and overcame them, including people who felt they were not eligible for a mortgage.
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It will encourage people to seek advice and feel confident about the process.
Alasdair McDonald, head of mortgage distribution at West Brom Building Society, said: “For many first-time buyers, the biggest barrier isn’t always affordability, it can be confidence. Our research shows that too many people feel overwhelmed by the process or just assume they won’t be eligible.
“We want to reassure customers that with the right support and advice, the path to homeownership can be much clearer and more manageable than they might expect.”
