Nationwide mortgage research reveals poor mortgage awareness.
According to Nationwide mortgage research many first time buyers have a poor understanding of house buying and mortgage terms.
Many are advising that they are confused by many mortgage and key property terms, according to Ian Andrew managing director for Nationwide intermediary sales.
He added that lack of mortgage knowledge may end up costing first time buyers money and may add to the challenges faced in buying a first home.
This follows on from research that reveals over 40 per cent of those who have looked into buying property said that jargon used confused them.
Mr Andrew speaking on behalf of Nationwide mortgage intermediary sales said that advisers often use industry jargon when communicating. He went on to say that advisers sometimes forget clients have limited knowledge of mortgage terms which can then lead to them being confused. Nationwide believe that by taking the time to go through terminology with potential customers there would be less chance of any confusion.
Deal Direct believe that the mortgage the industry should take steps to reduce mortgage jargon as the lack of awareness, highlighted by the Nationwide mortgage research is of concern. A ‘definition of words’ should be offered as an appendix to all material given to make understanding easy.
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