Phil Spencer: What the terms confusing first-time buyers actually mean
Rising house prices are making it tougher than ever for those who dream of buying a home to save a big enough deposit to get a mortgage. But on top of this financial hurdle that all first-time buyers need to overcome, there is another just as great a challenge – and that’s the knowledge gap.
This knowledge gap puts first-time buyers and many aspiring young homeowners at a real disadvantage, as a recent study by Santander shows that many don’t know the basics about saving for and buying a home.
It seems much of the confusion around buying your first home stems from the industry’s overuse of jargons, like LTV and SVR, and even terms like stamp duty and arrangement fees can be difficult to grasp for many.
Read this article from The i in full to learn more stats from this study and what the industry can do to help raise young people’s knowledge about buying a home.