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Half of first-time buyers use a mortgage broker

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The proportion of borrowers seeking professional advice from a broker has risen significantly since the start of the pandemic
Half of first-time buyers use a mortgage broker

One in two (48%) prospective first time buyers have consulted a broker about their mortgage, up from just 18% pre-Covid-19, according to Aldermore.

The lender found that almost all had a good experience – 98% said using a broker during the purchasing process was useful.

The main reasons prospective first time buyers found their broker helpful was the recommendations they provided (55%), the fact they checked affordability for mortgages (55%), and their assistance in navigating the complicated paperwork (54%).

Jon Cooper, head of mortgage distribution, Aldermore said: “Brokers have been a life raft for first time buyers in a sea of increasing challenges and worsening conditions during the Covid-19 pandemic.

“Buying a property can be a very daunting experience but brokers have been vital to first time buyers the past 12 months in assisting them to navigate through this period of uncertainty.

“The much needed expertise and guidance they have provided really shows how crucial the role of the broker is in today’s housing environment and it’s very encouraging that their services have been found to be universally beneficial.”

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