x
By using this website, you agree to our use of cookies to enhance your experience.
Graham Awards

TODAY'S OTHER NEWS

New App aims to show first time buyers the purchasing ropes

A new Home Buyer App has been launched by the Mortgage Advice Bureau in a bid to educate first time buyers on how the house purchasing process works.

Some 89 per cent of MAB advisers have said FTBs need more education on property purchases and mortgage applications; 54 per cent of the advisers had been approached “very often” for advice, suggesting a high possible demand for the app. 

The most common reason behind an approach from a first timer was to find out how much they can borrow, followed by finding out what they can afford in terms of monthly costs and budget.

Advertisement

Other reasons included seeking advice on what will help them be accepted for a mortgage, how to secure a credit check, and to get advice on government support schemes.

Mortgage advisers also revealed the most common reasons they see as causing delays in first time buyer mortgage applications. 

Lack of deposit or unrealistic aims in terms of affordability was the top reason, for 78 per cent of advisers. 

Only 13 per cent of advisers said that first-time buyers approached them for advice on how to boost their credit scores, yet poor credit scores was the second biggest reason for delays in mortgage applications, scoring 68 per cent of advisers.

The app aims to help buyers by providing useful tips on the home buying process as well as creating a checklist for buyers to stay on track with their buying journey. 

Users can also set up a savings goal through the app, which will help prompt them on how much to put aside each month for a deposit in order to meet their goal in the time frame they have chosen.

 

 

“Getting onto the property ladder is an exciting moment in anyone’s life, but many find it to be one of the most stressful experiences” explains Brian Murphy, head of lending at Mortgage Advice Bureau. 

“It’s only when buyers start thinking seriously about purchasing a property that they realise what is required and so can be caught on the back foot. 

“The mortgage application process isn’t something that is taught in schools and the majority of people are left to figure things out for themselves, which can make the process a little daunting.”

icon

Please login to comment

MovePal MovePal MovePal
sign up