Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Research Highlights Knowledge Gaps Among First-Time Buyers

Research from Mortgage Advice Bureau (MAB) has found that first-time buyer concerns in the UK shift significantly with age, and that many remain unaware of flexible mortgage products designed to support affordability. The findings indicate a persistent knowledge gap among younger buyers, despite the introduction of new lending options by mortgage providers.

Among 18-24-year-olds, hidden costs such as stamp duty, solicitor fees, and moving expenses are the most significant concern, with 38% citing these as a major barrier to homeownership. Nearly a third of young, aspiring homeowners identified these hidden costs as a key obstacle to getting onto the property ladder.

For buyers aged 25-30, high house prices are the most pressing issue, with 56% highlighting this concern. Additionally, 37% of this age group reported that rising mortgage rates are a major worry. Older millennials, aged 31-40, are more focused on the long-term financial responsibilities of homeownership, with over a third stating that unexpected repair costs are their biggest concern after purchasing a property.

The research also reveals that awareness of specialist mortgage products remains low among younger buyers. While buyers aged 25-30 were among the most aware of specialist products, only 19% of this group and 15% of 18-24-year-olds had heard of track record mortgages, which use proof of rental payments to support affordability assessments. Awareness of part and part mortgages was similarly low across these age groups.

The findings suggest that, despite the availability of more flexible and affordability-focused mortgage products, many first-time buyers are not aware of these options. This lack of awareness may be contributing to longer periods spent in the rental sector and could impact the work of letting agents and inventory clerks as younger generations continue to rent for extended periods.