LEGAL
For many, the internet has been the go-to source for information as long as they can remember, and TikTok is having its turn in the limelight. Forget Google, the new search bar is TikTok, the place for everything from breaking news to life hacks. Surprisingly, it’s even become a place to seek financial advice, with mortgages taking centre stage TikTok:The New Face of Mortgage Advice
Advisers have been popping up on TikTok, supplying everything from deposit- saving tips to in-depth mortgage process explanations, with a particular focus on first time buyers. To emphasise the demand, currently, #MortgageAdvice has 82,900 posts under it. But why this sudden influx of mortgage advice on the app? The surge could be attributed to several factors. Primarily, the evolution of content consumption – characterised by shorter attention spans and a craving for instant gratification – has made TikTok a dominant platform. TikTok’s short-form video format aligns perfectly with this trend, simplifying complex financial topics into easily digestible chunks. Moreover, the app’s casual atmosphere suits a generation accustomed to online interactions. THE BENEFIT OF MORTGAGE ADVICE ON TIKTOK Though not necessarily classified as advice, mortgage information has never been so accessible. Users can easily consume mortgage-related content 24 hours a day, while commuting, waiting, or just relaxing at home. Also, the anonymity afforded by social media could encourage users to ask questions they’d hesitate to ask face-to- face. We’ve all been told “there’s no such thing as a stupid question”, but the reality is that many people still feel uncomfortable openly asking for advice. This can lead to more open and honest conversations about finances, creating a clearer path out of the mortgage maze. Additionally, the interactive nature of TikTok, with the ability to comment on and stitch videos together, allows for direct engagement between users and creators, fostering a sense of community and trust. Beyond financial literacy, TikTok can also influence consumer behaviour.With a significant portion of first time buyers aligning with TikTok’s core demographic, the platform is driving greater awareness of the wide array of products available, such as shared ownership.Young people
We believe in meeting people where they are now, which is why we are excited to tap into a demographic that might not actively be searching for mortgage information, to inspire and inform future homeowners. Imagine having a knowledgeable friend by your side as you navigate your way around the world of property. That’s the Mortgage Light experience. From busting common mortgage myths to explaining the different mortgage products available, we’re here to simplify the homebuying journey, one TikTok at a time. Keep an eye on our page for expert advice and a look behind the scenes of the Mortgage Light team! Join our community and let us guide you to getting a home.
who thought they were at least a decade away from being able to afford a home are suddenly being told they could become a homeowner for much less than they thought.
MORTGAGE LIGHT’S TIKTOK DEBUT
Taking note of the shift in how consumers are seeking out information, Mortgage Light is excited to be joining the conversation. With lack of financial literacy within the younger generations a growing concern, we’re keen to leverage TikTok’s reach to provide accessible mortgage advice. Our goal has always been to make mortgages less confusing. By sharing easy- to-understand information, we hope to simplify the homebuying process.
mortgagelight.co.uk
96 First Time Buyer October/November 2024
Made with FlippingBook Annual report maker