Why first-time buyers should start the financial conversation early
Award-winning mortgage adviser, Alexander Hall, is encouraging the nation’s first-time buyers to open up about their finances this Talk Money Week, offering expert guidance on how to make these conversations more natural, productive, and stress-free.
What is Talk Money Week?
Talk Money Week is a national initiative created by the Money and Pensions Service (MaPS) to encourage people across the UK to have open and honest conversations about their finances. Supported by major financial organisations, the campaign aims to break the long-standing taboo around discussing money and help individuals feel more confident managing their financial future.
Running from 3rd to 7th November 2025, Talk Money Week encourages everyone – from first-time buyers and homeowners to savers and investors – to review their goals, seek advice, and start meaningful conversations about money with loved ones and professionals. By promoting these discussions, the initiative aims to reduce financial stress, build resilience, and empower people to make more informed decisions.
Why does it matter?
In the UK, it has often been considered impolite to talk about money, but with the cost of living rising in recent years, there’s never been a more important time to open up about our finances.
Alexander Hall’s analysis of the latest household debt figures shows that credit card balances are up 9.6% year on year, student loans have risen by 8.3%, and personal loans – such as car finance – have climbed by 5.5%.
The good news is that the average outstanding mortgage balance has increased by just 0.1%, suggesting most homeowners are managing repayments responsibly, even as borrowing costs remain high. However, for most households, a mortgage remains the single largest financial commitment they make, and so it’s no wonder that the process of applying for a first mortgage can seem like a daunting prospect to first-time buyers.
Further analysis by Alexander Hall highlights the importance for first-time buyers to talk about their finances, as they are ones stretched thinnest when it comes to that all-important safety net of a savings pot, just as they take on the huge financial commitment of a mortgage.
According to Lloyds Banking Group, the average first-time buyer in the UK is now 33 years old, meaning many will be in their mid-to-late thirties by the time their initial fixed-term expires and they remortgage for the first time.
Yet those in these age brackets have some of the smallest savings cushions, with an average of £9,357 for those aged 25 to 34 and just £7,434 for those aged 35 to 44. In contrast, those aged 45–54 have average savings of £13,318, rising to £27,949 for those aged 55 and over.
For first-time buyers, this makes being proactive rather than reactive essential when it comes to discussing finances. Not just when applying for their first mortgage, but also when approaching the crucial first remortgage milestone.
How to start the money conversation
Talking about money may not come naturally, but it can be transformative. People who discuss their finances openly tend to make better, more confident decisions, build stronger relationships, and feel more in control of their long-term goals. They’re also better equipped to handle financial challenges when they arise.
For aspiring homeowners, these conversations can also help identify where extra support might be available, whether that’s improving affordability, understanding credit history, or finding government-backed schemes to help with deposits.
Alexander Hall recommends a few simple ways for first-time buyers to approach money conversations with confidence:
- Choose the right moment – Have the discussion when everyone is relaxed and free from distractions, and be clear about what you want to achieve.
- Talk openly about your financial situation – Be honest about your income, savings, and debts, and approach the conversation as a two-way exchange.
- Listen carefully – Give others space to share their perspective and keep the focus on practical solutions.
- End positively – Conclude on a constructive note by agreeing on clear next steps or a plan to continue the conversation.
The importance of expert guidance
Speaking to a professional mortgage adviser can remove much of the uncertainty from what often feels like a daunting process. Advisers have access to the latest lender criteria, affordability rules, and schemes, and can often uncover opportunities that first-time buyers may not realise exist.
For example, in recent months, lenders have relaxed loan-to-income multiples and expanded the availability of 5% deposit mortgage products, making it easier for buyers to step onto the ladder sooner. Advisers can also help first-time buyers plan for the future, ensuring they’re prepared for their first remortgage when their fixed term expires.
Richard Merrett, Managing Director of Alexander Hall, commented:
“Money can feel like a difficult topic, but the truth is that every important financial decision starts with a conversation. Talk Money Week is a fantastic opportunity to change how we think about money and to see it, not as something to worry about, but as something to manage proactively and confidently.
For first-time buyers, starting honest conversations about their finances and reaching out for expert advice can make the journey to homeownership far smoother and less stressful.
It’s not just an opportunity to get worries off your chest; it will help you realise the options available to you, whether that’s help from loved ones, or a better knowledge of the products and support available to you from lenders. Starting the conversation is the first step along the journey to homeownership.”
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