Among 18-24-year-olds, hidden costs emerge as the single biggest fear, cited by 38% as a major concern.
The findings highlight a significant knowledge gap among first-time buyers. This is in spite of lenders introducing more flexible products designed to support affordability and lower-deposit borrowing.
Sara Palmer, sales and distribution director at Gen H, said: ” There are so many aspiring homeowners out there who don’t feel recognised or supported by the mortgage industry, or who aren’t aware of the tools that exist, and that gap is keeping people locked in the rental cycle, missing out on opportunities to build community, wealth, and security.”
Concerns amplify with age
Almost a third of young, aspiring homeowners say hidden costs – such as stamp duty, solicitor fees and moving expenses – are among the biggest barriers to getting onto the property ladder.
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Buyers aged 25-30 are the most sensitive to property process. Some 56% cited high house prices as a key concern, while 37% said rising mortgage rates are a major worry.
Older millennials aged 31-40 were focused on the long-term financial responsibilities that come with owning a home.
Over a third said unexpected repair costs are their biggest concern once they become homeowners, reflecting a shift from worries about buying a property to maintaining one.
Knowledge and advice gap in the industry
Although buyers aged 25-30 were among the most aware of specialist mortgage products overall, awareness of newer affordability-focused options was rather low across all younger age groups.
With younger generations renting for longer, track record mortgages offer alternative pathways to homeownership.
Just 19% of 25-30-year-olds and 15% of 18-24-year-olds had heard of track record mortgages, which use proof of rental payments to support affordability assessments. Similarly low was awareness of part and part mortgages.
Rachel Geddes, strategic lender relationship director at MAB, said: “Our research shows there’s no longer a one-size-fits-all first-time buyer journey. Every generation is facing a different set of financial pressures and priorities when it comes to getting onto the property ladder.
“Many of these concerns are completely understandable, particularly at a time when affordability pressures remain high and buyers are trying to navigate rising living costs alongside saving for a home. However, there are now far more flexible lending solutions and affordability-focused products available than many people realise, designed specifically to help first-time buyers overcome some of these financial barriers.
“That’s why speaking to a broker earlier in the process can make such a difference. The right advice can help buyers understand what may already be achievable, giving them the confidence to take that first step onto the property ladder sooner.”
Palmer commented on the inflexibility of mortgage products, adding: “There are so many aspiring homeowners out there who don’t feel recognised or supported by the mortgage industry, or who aren’t aware of the tools that exist, and that gap is keeping people locked in the rental cycle, missing out on opportunities to build community, wealth, and security.
“This research not only demonstrates the importance of mortgage product innovation, but the critical role played by the broker-client relationship.
“Brokers are perfectly positioned to connect aspiring buyers with the flexible, affordable options that can turn their long-shot homeownership dreams into reality. If I had a message for the respondents of this survey, it would be: there are options out there to support you. Talk to your broker, and let’s get you into a home.”
