British first-time buyers struggle with mortgage jargon
Buying your first home. What an exciting time in your life! It’s the start of a new chapter, but it doesn’t come without its struggles. Getting a mortgage can be hard enough, but add in the technical jargon and it can become the first-time buyers Mount Everest.
Data released by Aldermore highlights the fact that many first-time buyers don’t understand mortgage terminology, and could be missing out on schemes that are designed to help them.
But what terms do people struggle with and what do they actually mean?
Slightly over half of respondents weren’t aware of the ‘Help to Buy equity loan’ – this is where the government lends you up to 20% of the cost of your newly built home, interest free for the first five years, so you’ll only need a 5% deposit and a 75% mortgage to make up the rest!
Just under half didn’t understand what a ‘lifetime ISA’ was and slightly over one third didn’t know what a ‘Help-to-Buy ISA’ was. These ISAs allow first-time buyers to get a 25% government bonus on their savings for a first home, each with different rules which is why seeking professional advice is worthwhile.
35% of respondents also didn’t understand ‘shared ownership’ – where first-time buyers own a share on their home and pay rent at a reduced rate on the remaining share.
These figures suggest that many first-time-buyers could be missing out on various benefits and pathways that these schemes can provide for those wishing to enter the property market, which is why obtaining professional advice can be invaluable.
Your adviser will be able to help you understand these terms and explain the benefits of the different schemes.
If you or your loved ones want to discuss the options available to you, or talk through any of the schemes in more detail, contact your adviser today.
Blogging from Your Wix Blog Dashboard
On the dashboard, you have everything you need to manage your blog in one place. You can create new posts, set categories and more. To head to your Dashboard, open the Wix Editor and click on Blog > Posts.
Blogging from Your Published Site
Did you know that you can blog right from your published website? After you publish your site, go to your website’s URL and login with your Wix account. There you can write and edit posts, manage comments, pin posts and more! Just click on the 3 dot icon ( ⠇) to see all the things you can do.
