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Open Money launches mortgage advice service to first-time buyers

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The broker will offer fee-free mortgage advice, online and over the phone
Open Money launches mortgage advice service to first-time buyers

Open Money has launched an fee-free online mortgage service, offering personalised advice to first-time buyers.

The Manchester-based online financial adviser found that half (48%) of first-time buyers aren’t confident in the process of buying a house and deciding on solicitors, mortgage deals and insurers.

Home by Open Money combines an online mortgage advice tool with the option to talk to human advisers by phone when needed.

The broker has access to 50 lenders and will also provide information and suggestions on solicitors, insurance, wills and surveys under one easy-to-use platform.

Karina Hutchins, head of Home by Open Money, said: “Buying a house is a huge financial commitment, but the process can be confusing, involving multiple parties and so much jargon that it feels overwhelming, especially for first-time buyers.

“Our new service aims to simplify the process and guide customers through the whole home buying journey to ensure they understand the impact different mortgages will have on their finances and which products they need and where to find them.”

Anthony Morrow, co-founder of Open Money, added: “Buying a property is expensive and we fundamentally disagree with mortgage providers that charge people for advice. Applying for a mortgage used to be difficult, but now we offer customers an online account which includes advice, recommendations, and document upload to make the process easier.”

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