As part of its commitment to first-time buyers, Principality Building Society has partnered with Verve, a global market research agency to take a closer look at their home buying experience.

Verve worked with 40 first time buyers from across the UK with a mix of gender, age, social grade, life stages and financial confidence. The idea was to understand their home buying aspirations and their thoughts of mortgage brokers.

Principality’s mortgage application data shows that this group are selecting a range of different strategies as they look for ways to secure their first home. Of those buyers engaging with joint borrower sole proprietor, shared ownership and gifted deposits mortgages, between 71 and 80% are first time buyers.

Principality Intermediaries national intermediary manager Helen Lewis commented said: ‘We understand the challenge first time buyer face in the current climate. Our research with Verve will help us continue to shape our product and proposition development for these buyers. It has also highlighted the role brokers play and their importance, as borrowers are looking for certainty, support and solutions to help them take their first steps towards home ownership.”

Principality said that over the coming months, it will be working to share its findings with the broker community and showcase the range of mortgage options available to make home ownership more accessible for the different types of first-time buyers identified by the research.