What is the biggest barrier preventing homebuyers from consulting an adviser?
"The past 12 months have put many peoples finances under strain and made financial situations much more vulnerable. " Despite the combined value of residential mortgage loans reaching 1.561.8 billion by the end of 2021, less than half of prospective and current homeowners used a mortgage adviser or broker when purchasing a property, according to new research from MetLife UK. Cost was found to be the biggest barrier to seeking advice from a broker or adviser (23%), followed by accepting help from friends and family instead (12%). The research found that more than one in 10 (11%) respondents said they didnt use an adviser when buying a property because they didnt trust them. Confusion around when to seek financial advice is also common. One in ten (10%) consumers admitted that they didnt know they could speak to a financial adviser or mortgage broker when purchasing a property. Rich Horner, head of individual protection at MetLife, commented: Buying a home is likely to be the biggest financial purchase a person ever makes and yet many people avoid speaking to an expert before doing so. The past 12 months have put many peoples finances under strain and made financial situations much more vulnerable. For some, their employment status may have changed particularly with more people being self-employed or part-time, meaning they may need a more specialised mortgage product that only advisers have access to and that walking into branch is unavailable. Whether its because they dont know that help is out there, feel more comfortable speaking to those around them or cant afford to, what this research has shown is that the wider industry must do more to bust the current myths about advice."