Shawbrook’s Home A-Loan report, which combines national research with insight from its mortgage brands, found that nearly a third of prospective buyers feel there should be more support from the government.
However, around a fifth of would-be buyers were unaware of the support available to them from existing schemes like the Lifetime ISA (LISA) and Right to Buy.
Only 10% said they had sought help to improve their finances and 12% said the lack of access to mortgage advice is one of the biggest barriers to homeownership.
Nearly half – 43% – of those surveyed said affordability was a key barrier to homeownership and 41% said high house prices were preventing them from getting on the housing ladder.
Confidence is also a crucial factor, with a fifth saying they are completely confident in getting approved for a mortgage – dropping to 10% of people who have adverse credit histories.
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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 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.”
