New research from Abbey revealed 23 per cent of first-time buyers used their relatives and friends as a primary source of information compared to 13 per cent who relied on mortgage brokers.
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However, there is a growing trend of first-time buyers turning to brokers with just 28 per cent of 25-34 year olds admitting to using a mortgage broker for advice when they bought their first home, compared to only 2 per cent of older homeowners aged 65 +.
Indeed, nearly as many homeowners between the age of 25 and 34 turned to brokers over banks and building societies indicating a desire by young first-time buyers to seek out professional independent advice when taking out their first mortgage.
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Ricky Okey, managing director of Abbey for Intermediaries, said: The results show some promising signs for the future with a shifting attitude of young first-time buyers who are waking up to the benefits of seeking advice from intermediaries.
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Brokers are becoming an increasingly important part of first-time buyers decision making process thanks to service and cost improvements as well as being able to offer a broader product range. By developing these areas further, brokers can build on this changing attitude to become a positive driving force in the first-time buyer market.
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