A new research by IFA Promotion points out the fact that first time borrowers do not think it necessary to seek financial advice before buying their new house. The statistics shows that 80 percent people did not know anything about the mortgage market, 64 percent felt that it is important to get mortgage advice and only 18 percent actually took the advice.
As per Karen Barrett of IFA Promotion:
It’s perhaps understandable that first time buyers focus more on securing their first home than the best value home loan and other financial products than more experienced homeowners. But arguably it is the first time buyer who needs the benefit of independent financial advice most, so we urge first timers to make their mortgage choice a priority and ensure they visit an IFA for advice.
This survey proves that due to lack of market advice the first-time borrowers fail to choose the right deal and end up paying more on their first home. Therefore it is essential to shop around and choose the best interest rate and know certain important things about the mortgage market.
