OpenMoney research found that half (48%) of FTBs are not confident in the process of buying a house and deciding on solicitors, mortgage deals and insurers.
Home by OpenMoney has been designed to provide help with every step of the journey, initially targeting first-time buyers employed and buying in England and Wales.
The service combines an online process, including a mortgage advice tool delivering personalised advice, with the option to talk to human advisers by phone when needed.
Home provides access to 50 lenders, tailored advice, and information and suggestions on solicitors, insurance, wills and surveys.
Karina Hutchins, head of home by OpenMoney, said: “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 first-time buyers.
“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.”
Anthony Morrow, co-founder of OpenMoney, added: “Our aim has always been to help people make the most of their money.
“By adding Home to the list of services we offer, we can arm more customers with personalised, tailored advice, giving them confidence that they are making the right financial decisions.
“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.”
