More than half of adults under 35 don’t understand the mortgage process

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According to Paymentshield research, 52% of UK adults aged 18-34 have a fair to very poor understanding of the entire mortgage process from start to finish.

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In comparison, about a third (32%) of 35-44 year-olds said they had the same misunderstanding, and this dropped to 25% among 45-54 year-olds.

For the first time in ten years, the average age for a first-time buyer has risen this year from 30 to 31, with the average cost of a first home coming in at ยฃ196,223 according to research by Savills.

UK adults under the age of 35 showed a similar lack of understanding of the types of insurance required at different stages of life, with 53% stating that their knowledge was fair or very poor.

James Watson, sales director at Paymentshield, said: “The finding that 25- to 34-year-olds are almost seven times more likely to say they prefer price comparison sites over seeking financial advice if they were buying home insurance is alarming, and there is a risk that they will leave this already vulnerable cohort with insurance policies that are not suitable for their needs.

โ€œHopefully, measures such as the implementation of the FCA’s GI pricing practices study will address this somewhat by creating a fairer market that offers consumers value-oriented products, rather than an automated race to the bottom where the cheapest price is offered at the lowest price.โ€ price, at the expense of all other considerations.

โ€œEven after the Stamp Duty holiday has ended, the FTB market presents an important opportunity for advisors: This is a cohort with no confidence and knowledge about both the mortgage and insurance processes, meaning they need more guidance. Advisors are perfectly positioned to support them – and not just for a one-time transaction: FTBs also have more general non-life insurance needs.

โ€œBy targeting FTBs and providing valuable, tailored and, as the YouGov research suggests, necessary guidance, advisors have the opportunity to become a trusted expert these buyers can rely on and for the rest of their lives. recommend life.”

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