OpenMoney has launched Home, an online service for first-time buyers that offers free advice as part of its proposition.

After asking a series of questions regarding finances, the Home website displays how much money may be borrowed alongside a single mortgage recommendation from 50 lenders, rather than showing a list, as in the more familiar price comparison format.

Home also links potential home buyers with insurance providers, solicitors, and surveyors.

Users have the option to talk to an adviser by telephone.

The firm says that research it carried out in 2019 describes 48% of first-time buyers lacking confidence in the home buying process, something it says it wishes to change.

OpenMoney co-founder Anthony Morrow comments: “Our research found the biggest barrier to buying was saving for a deposit, and that’s where we can help as an all-round one-shop solution.

“We’re there at every stage the customer needs us, asking the right questions regarding their individual circumstances and guiding them through the whole house buying process, from building a deposit to the final repayment.

“Buying a property is expensive and we fundamentally disagree with mortgage providers that charge people for advice. Applying for a mortgage used to be difficult, but now we offer customers an online account which includes advice, recommendations, and document upload to make the process easier.

And Home by OpenMoney head Karina Hutchins adds: “Buying a house is a huge financial commitment, but the process can be confusing, involving multiple parties and so much jargon that it feels overwhelming, especially for FTBs.

“Our new service aims to simplify the process and guide customers through the whole home buying journey to ensure they understand the impact different mortgages will have on their finances and which products they need and where to find them.”