More than seven in 10 borrowers who sought professional guidance said it made buying a home easier
Professional mortgage advice materially improves the homebuying experience, according to new research from Yorkshire Building Society, with the findings pointing to a substantial gap between public perception of mortgage accessibility and the reality faced by those who seek guidance.
The report, No Way Home? Restoring Britain's Housing Ladder, found that 71% of people who used mortgage advisory services said the process was made easier as a result. Just 5% said advice made things more difficult.
That positive outcome stands in contrast to widespread pessimism about mortgage accessibility. More than half (56%) of prospective first-time buyers believe it is difficult to secure a mortgage, a view shared by two-fifths of existing homeowners. Among repeat renters — those who rent and do not expect to buy — the figure rises to 65%.
The report also suggests the gap between perception and experience is partly driven by a lack of awareness. Separately, the Building Societies Association found earlier this year that 47% of people wishing to buy a home had never consulted a lender or broker to explore available options. That same research found that 67% of aspiring buyers said they could purchase sooner than anticipated after being shown low- or no-deposit mortgage options.
Deposit requirements were cited by 39% of prospective buyers as among the most significant barriers, though advisers appear well-placed to address such concerns directly.
"For many aspiring homeowners, the challenge is not simply affordability – it's understanding what options are available to them and how to navigate an increasingly complex mortgage market," said Tom Simpson (pictured right), managing director of homes at Yorkshire Building Society.
"Our findings show that mortgages are widely perceived as inaccessible, yet those who seek advice are far more likely to have a positive experience. This demonstrates the gap between perception and the experience of many borrowers who opt for professional support, and highlights the essential part played by advisers in helping people understand what's available and move forward with confidence.
"As affordability pressures continue to affect households across the country, brokers can provide education, reassurance and tailored guidance, to help borrowers to prepare earlier and make informed decisions to help them achieve their homeownership dreams."
Rachel Geddes (pictured right), strategic lender relationship director at Mortgage Advice Bureau, said the Yorkshire Building Society findings were consistent with what they had observed in their own research into first-time buyer sentiment.
"Prospective buyers aren't short on ambition - they're short on information," she stressed. "Half of first-time buyers thought the minimum deposit amount was 5%, and almost four in 10 thought they'd need 10% or more. Meanwhile, 73% had no idea that 95% LTV mortgages exist at all, and half didn't even realise their borrowing power has improved. That's not a small knowledge gap: it's a fundamental misunderstanding of what's available.
"Mortgage products and criteria have moved on faster than consumer understanding has, which is where an adviser is irreplaceable. Their first job is often correcting the picture: showing someone the deposit they'd need, the options they didn't know existed, and the route that gets them from renting to owning sooner than they'd assumed. The gap between perception and reality is closable - it simply needs a conversation."
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