Becoming a first-time buyer has undoubtedly become more difficult in recent years.
Getting on the housing ladder is "possibly the most expensive it has been over last seventy years", according to a report by the Building Societies Association (BSA) published last year.
The paper, written by housing expert Neal Hudson, found that the ability to become a first-time buyer is growingly dependent on the Bank of Mum and Dad, while successful first-time buyers increasingly need to have two incomes that are higher than the average.
At the same time, young people are constantly changing how they interact with people, from their employer to their medical professionals, as well as reassessing their priorities when it comes to work, family and finances.
So how have these combination of factors changed what first-time buyers are looking for from their mortgage broker?
"There has definitely been a change in how we communicate"
We asked mortgage brokers how first-time buyer communication needs and preferences have changed over the past few years.
Most noted that clients are moving away from traditional face-to-face meetings, preferring digital methods of communication and contact outside of traditional 9-5 hours, but all agreed that flexibility is key.
Eamonn Turley, CEO of Multi Quote Time, said: "The way first-time buyers communicate with each other is very different nowadays. What's more, while face-to-face meetings have been the norm over the years, many clients find it more convenient and faster via digital communication, such as through WhatsApp or e-mail. In my practice, some 60% of first-timers initiate communication through phone inquiries or online contact forms, followed by messaging apps or video call follow-ups.
"This shift is particularly evident among younger buyers who value quick responses and flexibility. For instance, one client recently told me they appreciated being able to send me questions via WhatsApp after work hours — a level of accessibility that builds trust and strengthens relationships."
Tony Higham, mortgage adviser and owner at Mortgage Success, agreed: "There has definitely been a change in how we communicate, WhatsApp has become the big one for us. But we also get asked about teams meetings and some customers prefer a meet up and a brew. Again, it all comes down to offering some flexibility to the customer. Also when clients are available has changed, it used to be a case of speaking to people after they finish work, so anytime from 3pm-6pm onwards. Now a days its not uncommon to be exchanging WhatsApp messages and phone calls throughout the day. People are generally easier to get hold of now - possibly one of the perks of flexible working."
Internet research: Friend or foe?
Although the internet has become a vital tool for first-time buyers, from researching mortgage rates to keeping up to date with new schemes, the plethora of data available can be confusing to potential mortgage applicants and a lot of the information available doesn't take into account individual buyer needs.
Eammon Turley says first-time buyers are "more or less fully aware of changes in interest rates or stamp duty reform in the markets" due to social media and news reporting, but said that many don't fully understand how this could affect them. He explained: "Take, for example, recent interest rate increases. A number of clients were aware of rising rates but did not really understand how that would affect either borrowing power or repayments. With the ability to simplify changes and give targeted solutions, I have helped empower clients to be decisive in spite of market uncertainty."
Tony Higham, mortgage adviser and owner at Mortgage Success, said: "The internet is something that is great as it allows people to do some research to get an understanding of the process and timeframes and what is needed, etc. But there is also so much incorrect or misrepresented for headlines - how many people think underwriters will go through bank statements line by line and have a look at how much you are spending on coffees? That does happen, but there are also times where bank statements are not needed at all. This is from news websites (not Financial Reporter, obviously) through to social media sites - they all want that soundbite headline for the click - which makes me sound ancient!
"Telling people not to take everything they read as gospel seems to be a bigger part of the job now that it was 12 years ago when I started out", Higham added.
Ross Lacey, independent financial adviser at Fairview Financial Management, agreed: "There tends to be many misconceptions and unknowns that they first come to us with. This will be a combination of what they've heard from friends and family, along with any initial research they've done themselves. So the first stage is to really gauge what they're looking for and to give them an honest appraisal of their situation.
"We'll go through their affordability and also look at the realities of the proposed mortgage payments in the context of their actual lifestyle costs. Although a lender may lend them £x, the monthly payments may mean they have to cut costs elsewhere so we aim to find the right balance so they can still "live" as well as own a home!"
Speaking from a lender perspective, Praven Subbramoney, chief lending officer at Nottingham Building Society, said: "Today’s first-time buyers have greater access to information than ever before, but that doesn’t always mean they feel confident in navigating the mortgage process. Online tools and calculators have given them basic awareness of affordability, but when it comes to understanding lending criteria, deposit requirements, and long-term financial planning, many still rely heavily on brokers for guidance. The demand for whole-of-market advice has increased, with first-time buyers looking not just for immediate solutions but also for longer-term financial stability.
"First-time buyers today are highly aware of interest rates and government schemes, but their understanding of how these factors directly impact their borrowing power varies widely. Many are aware of headline changes — such as the expiry of temporary stamp duty incentives — but struggle to gauge the best time to buy or what products they are eligible for. This uncertainty is reflected in the growing reliance on family financial support, as buyers feel they need extra security and guidance before committing."
Personalised advice is key
As the internet cannot provide a rounded look at a buyer's individual circumstances and needs, brokers agreed that personalised advice is as vital as ever.
Citing one example, Eammon Turley said: "I recently worked with a young couple who came prepared with research on fixed versus variable rates but needed help understanding how their lifestyle goals (like starting a family) would affect their borrowing capacity. I've noticed this shift towards holistic financial planning more frequently in recent years."
Discussing the difference in first-time buyer wants and needs, Tony Higham commented: "Everyone is different and we need to be flexible and tailor our approach depending on the client. I think all brokers will have across clients who are well informed and want to be involved at every stage and other clients who just want to say 'there is everything, get me my mortgage'."
Sara Palmer, distribution director at The Mortgage Lender (TML), agreed that broker guidance is vital for non-standard borrowers: "First-time buyers tend to have a good grasp of the overall mortgage process, including the need to gather a deposit, make sure their credit score is good, and the additional fees or costs involved, such as stamp duty. However, when it comes to applicants who may have any past credit blips or have non-traditional job roles, such as being a freelancer or self-employed, there appears to be an assumption that they will be rejected from a mortgage application - which isn’t necessarily the case.
"What we’ve seen become more apparent between first-time buyers and brokers is prospective homeowners looking for more guidance and support from brokers. While brokers review the whole market for lenders that may suit a homebuyer’s needs, first-time buyers are increasingly leaning on brokers as a first port of call to know whether they are ready, or in a good enough position, to even apply for a mortgage."
Why first-time buyers need advice more than ever, despite being well-informed
Despite the everchanging needs of today's homebuyers, and although more prospective buyers are utilising technology to navigate the mortgage market, brokers agreed that a more complicated lending environment and ongoing affordability pressures mean that advice is more vital than ever.
Eammon Turley said: "Today's first-time buyers are better informed and prefer transparency and personalized advice above all else. They are no longer looking for the lowest interest rate but long-term affordability, flexibility in repaying, and how changes in external factors, such as a rise in interest rates or any changes in stamp duty, might affect them.
"Although first-time buyers are more knowledgeable than ever, they still need to understand critical aspects of the process. Many come armed with information from online resources but often underestimate costs like lender fees or legal expenses.
"For example, I had a client who assumed their pre-approval guaranteed final approval without realizing that changes in their financial situation (like taking on new debt) could impact their eligibility. As brokers, it’s our job to bridge these knowledge gaps and ensure clients feel confident every step of the way.
"Most first-time buyers expect the mortgage process to take 4-6 weeks, but they’re often surprised by how much paperwork is involved. While some come prepared with documents like payslips and bank statements, others need guidance on what’s required to avoid delays.
"In one case, a client underestimated how long it would take to gather documentation for self-employed income verification, which delayed their application by two weeks. To prevent this, I now provide all clients with a detailed checklist upfront to streamline the process as much as possible."
Discussing the opportunities that this complex market offers to advisers, Praven Subbramoney from Nottingham Building Society commented: "Borrowers feel the system isn’t built for them. Nearly half (45%) of people believe that not having a standard full-time job makes it harder to get a mortgage, and 47% think mortgage criteria still favour those in regular employment. This is where brokers have an opportunity to educate and reassure buyers, helping them understand the full range of options available and how to best position themselves for approval."
