Brokers need to provide prospective home buyers with guidance and tips on how to save for a deposit against a backdrop of economic uncertainty and rising living costs, a specialist lender has said.
In its latest guide for brokers, Coventry for intermediaries said brokers need to do more than just advise clients when new, favourable products are launched.
“Brokers must be willing to go a step further and provide guidance and practical tips, such as how buyers can prepare for the financial implications of buying a house and more easily save for a deposit,” the lender said.
“By engaging potential buyers early, they can help set expectations, ensure good understanding of affordability and risks and – where allowed – provide guidance on savings measures that can help buyers get a deposit together.”
By 2024, the value of the first-time buyer economy is set to reach a total of £73.1bn, according to data from the Centre for Economics and Business Research.