The Home A-Loan report from Shawbrook showed that 31% of aspiring buyers believed the government should give them more support – however, only a fifth were aware of the existing schemes available.
The research also displayed how consumers interacted with financial advisers, as only a tenth of respondents said they had sought help to improve their finances, but 12% said the lack of access to mortgage advice was a main barrier to homeownership.
Affordability was named as the top barrier to homeownership for 43% of people, while 41% said high house prices specifically were stopping them from buying.
Other respondents were not confident about the mortgage process, with just a fifth saying they were fully confident that they would get approved for a mortgage. In contrast, confidence levels dropped to 10% among people with adverse credit histories.
Steve Griffiths, commercial director for retail mortgages at Shawbrook, said: “Our research makes clear the growing mismatch between people’s desire to buy and their readiness to do so. While many are aspiring to buy in the near future, a combination of issues with affordability, awareness of available support and a lack of confidence is stopping them from taking that crucial first step.
The new-build energy advantage
Sponsored by Halifax Intermediaries
“The property market remains tough, particularly for those without access to family help or significant savings. However, it’s heartening that so many people plan to buy in the coming years – and the right advice and specialist mortgage solutions can make all the difference to this happening. Lenders and brokers must work together to make guidance more accessible, and to provide products that reflect the financial realities of first-time buyers today.”
