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8 in 10 first-time buyers risk inaccurate information as they turn to social media for tips

July 20, 2023

Buying your first home can be overwhelming and with lots of decisions to make, seeking advice can be invaluable. Yet, a survey suggests that many first-time buyers could be accessing information that isn’t right for them as they turn to social media.

According to a MoneyAge report, 84% of first-time buyers used social media for guidance, advice, and hacks on homeownership in the last year. TikTok was the most popular platform, followed by Facebook and Instagram. Among the questions aspiring homeowners are searching for are:

  • How long does it take to purchase a home?
  • How to search for a property?
  • How much does it cost to buy a property?
  • How to make an offer?
  • How do you hire a solicitor or conveyancer?

With social media being part of everyday life and easily accessible with just a few taps on your phone, it may seem like the obvious place to find answers to these questions. However, the information may not be correct or appropriate and could lead to some buyers making decisions that aren’t right for them.

That’s not to say social media can’t be a valuable tool. It’s a great way to learn about the experiences of other first-time buyers and to discover tips. But you need to be cautious about acting on advice given on social media platforms – the decisions you make when buying your first home could have a huge effect on your finances.

Here are four reasons why you shouldn’t rely on information from social media as a first-time buyer.

1. It can be difficult to verify the person offering advice

One of the key challenges of seeking advice on social media is that it is often not verified. Does the person offering guidance have any qualifications, or are they regulated?

While someone on social media may sound professional, it can be difficult to know if they have the expertise, experience, and authority to be offering advice on the topic.

If you’re seeking advice about mortgages, for example, a regulated mortgage broker would be registered with the Financial Conduct Authority. Regulated brokers are required to ensure their knowledge of the industry is up to date, that they carry out a thorough analysis of your financial situation, and that the quality of advice they give is to a high standard.

Take some time to research who you’re taking advice from before you act on it.

2. You may not get a full view of all the options

Whether you want to better understand the different types of mortgages or find a conveyancer, there are often several options you need to consider.

Recommendations or information online may not provide you with a full overview, and it could mean you miss looking into an option that’s right for you.

As social media often utilises passing on information quickly, it may simply provide a snapshot of a handful of the choices. Could a 30-second video or short status update provide you with all the information you need?

A social media influencer may only recommend options that they have used themselves or those that come from a provider that they are affiliated with.

3. Your circumstances will affect what’s right for you

While the person offering social media advice may have the best intentions, what’s right for one first-time buyer, isn’t right for them all. This is why tailored guidance is useful when you’re buying a home and taking out a mortgage.

When you engage the services of a professional, such as a mortgage broker or solicitor, they’ll take the time to understand your circumstances and what your goals or concerns are. It means they’re in a position to offer advice that’s relevant to you and your situation.

4. The property industry can change quickly

Accessing up-to-date advice is crucial when you’re buying a home. Things like tax allowances, interest rates and processes can change.

If you act on information that’s out of date, it could harm your home-buying plans or cost you money.

For instance, a social media profile may claim a certain mortgage lender currently offers the “best” interest rate or deal for first-time buyers. Not only may this not be accurate for all first-time buyers from the start, but lenders frequently update the deals they offer. So, there could be other options that are more suitable for you.

Contact us to talk about mortgages

If you have questions about mortgages, we can offer you support throughout the process. The mortgage you choose could affect your outgoings and it’s important to understand which option is right for you. We can explain your choices and help you apply for a mortgage when the time is right.

Please contact us to speak to one of our team.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.

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I would highly recommend Darius and John. I’ve used a financial adviser previously and could never get in contact with them when I needed their help. Stratton Wealth Management have been excellent from the start. They are always available to talk, and they also don’t talk in financial jargon!

Dave Rigby -

A client since 2015

Having recently transferred my financial management to Stratton Wealth Management, I have been extremely impressed with the highly professional service I have received. I feel I have been fully involved in all decision making, and the company's highly skilled advisers have shown commitment and patience in any dealings I have had with them. I have also always found them to be easily accessible for any discussion I may require.

Denise Thornton -

A client since 2019

As a business owner and father of four children, finances are usually the last thing we think about. Stratton oversees and manages our finances, both in terms of advice for my business and our personal investments. It is comforting to know that our retirement, investment and life insurance planning has been taken care of. Darius and John are always so efficient in dealing with our affairs. As someone with no real understanding of the ins and outs, it has been fantastic to have experts giving us great advice and making sure our best interests are always the top priority.

Lee and Claire Parkinson -

Clients since 2016

Darius deals with my family’s finances and is a very trusted adviser. We meet a number of times a year, but I know I can call him any time if I have any questions. He is proactive, helpful and friendly!

Jonathan Dennis -

A client since 2019

I knew I needed to begin saving and planning for the future but didn’t know where to start. Stratton helped me to understand my finances and put together a savings plan that is affordable and works for me. I now have and an ISA and a pension, and whilst retirement is many years away, I have the peace of mind that I am saving for my future. I look forward to working with them for many years to come.

Martin Corrigan -

A client since 2016

I have been impressed with the advice and service provided by Stratton Wealth Management and have always found Darius to be approachable, dependable and highly professional in his approach. It is reassuring to be able to have such a high level of confidence and trust when it comes to financial advice.

Russell Jones -

A client since 2018

Many thanks indeed for your in depth report for my client Mrs H – it is most thorough and above all readable. This might sound particularly strange; however you may well gather that in my profession we see many such reports, and I often feel that if the adviser fills it with charts and graphs it evidences a level of research. In truth most of what is produced is readily obtainable from the internet.

I would like to thank you (and your organisation) for your prompt and professional attention to my requirements on behalf of my client. As a practice we shall definitely be putting Stratton Wealth Management on our “preferred supplier list".

Colin Dunstall, Donaldson Dunstall Solicitors -

A client since 2015