Paul Purewal, Head of Intermediary Relations at Dudley Building Society, explores why reaching younger borrowers starts earlier than many brokers realise, and how advisers can play a greater role in shaping expectations and readiness long before a mortgage application is made.
For all the noise around affordability at the moment, I think there is a more basic issue sitting underneath it, which we probably don’t talk about enough. A lot of younger clients are still coming into the process too late.
If you look at the data from the Building Societies Association, nearly half of aspiring first-time buyers have never spoken to a broker or lender, yet two-thirds say they could move sooner once their options are explained.
That gap is quite telling, to be honest. It’s not necessarily that people can’t buy, it’s that they don’t always realise what might be possible until someone actually sits down and talks it through with them.
At the same time, first-time buyers are still very much active in the market. They accounted for more than a third of purchases at the start of this year. So the demand is there, and it’s not going anywhere.
I think what is happening now is that younger clients are forming views long before they ever speak to a broker. They are picking things up from social media, from friends, from what they read online, and they are starting to build a picture of what they think the process looks like. Some of that is helpful. Some of it is not quite accurate.
So, by the time they do reach out, there is already a level of thinking in place. And I suppose that is where the opportunity sits as much as the challenge. If we can get in earlier, we can shape that thinking in a more helpful and constructive way.
You see a lot of short-form content now, for example, where someone is just breaking down a common misconception, whether that is around deposits or affordability or what lenders are actually looking for. That sort of thing can go a long way. It doesn’t need to be overly complicated. In fact, it is probably better if it is not.
Alongside that, I think communication has changed as well. Clients are more open to informal interaction, whether that is messaging, quick updates, or just having that ability to check something without it needing to be a full appointment every time. It just keeps things moving and makes the whole process feel a bit more accessible.
That said, this isn’t about expecting every broker to suddenly be active on every platform or adopt every new tool. It’s more about using a small number of things well, in a way that actually adds value.
Technology obviously gets talked about a lot. There has been plenty said about AI and what it might mean, and I get why that is a conversation. But in reality, I still think the role of the broker remains central.
Technology can help speed things up. It can support processes, make communication easier, and free up time. But it is not going to replace the understanding of a client’s situation, their concerns, or what they are actually trying to achieve.
The bigger positioning, in my view, is around timing. There is real value in investing time in clients before there is a deal on the table. That might mean speaking to someone a year or two out, helping them understand what they need to do, what might be realistic, and what steps they can take to get there.
Those conversations do not always lead to something immediately, but they do build trust. And, from what I have seen over the years, that trust tends to carry through. When the client is ready, they usually come back to the person who helped them early on.
I also think a lot of younger clients assume they are further away from buying than they actually are. They see house prices, or they see headlines, and automatically remove themselves before they have really explored their options.
That is where brokers can make a big difference, not just in placing a case, but in changing that perception.
Part of that comes down to awareness. There are still a number of routes into homeownership that clients simply do not know about. Joint Borrower Sole Proprietor is a good example. It is not right for everyone, but in the right circumstances it can open up options that would not otherwise be there.
The key is that those conversations only happen if we are involved early enough.
From a lender perspective, and speaking from Dudley, we have always had quite a broad proposition, particularly when it comes to more complex income or cases that do not necessarily fit a standard mould. There are a lot of nuances in what we do, and often the cases that come through will pleasantly surprise people in terms of what can be achieved.
That is why those early conversations matter. It isn’t just about matching a case to a rate, it’s about understanding what is possible in the first place.
And in a market where trust and clarity matter as much as they do now, that is probably where the real value sits.
