Younger people prefer face-to-face mortgage advice

According to the findings of a consumer study carried out by Platform, about 75 per cent of younger people would like to be given a face-to-face mortgage advice, even though most of the respondents will research mortgage products online first.

Of 2000 younger people who took part in the survey, 85 per cent responded they would carefully study mortgage options on the internet, and only 10 per cent said they would apply for a mortgage online. In addition, more than a half of the respondents would ask the advice of family and friends before making the final decision.

Lee Gladwell, of Platform, said there was a great opportunity in the intermediary market and the company was going to boost its lending with the help of  mortgage advisers in the next year.

A large number of people need advice right now as it is extremely difficult for many to enter the market.

However, 53 per cent of the respondents said they wouldn’t arrange their mortgage through mediators, 14 per cent said they would use the services of an intermediary, and 33 per cent  were not sure.

The major reasons for arranging deals directly were that it was faster, easier, and more convenient. Nevertheless, Colin Snowdon, CEO at Aldermore, said that in his opinion many people did not completely understand the meaning of arranging mortgage deals “directly” so that when it comes to arranging their deals many of them would still use a broker.
 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.