First-time buyers remain baffled by mortgage jargon – such as negative equity, stamp duty and conveyancing. As a result, 60 per cent are worried it’s slowing the purchase down, and 52 per cent fear they could miss out on a better deal because they can’t get to grips with the terminology.
Jen Lloyd, head of mortgage products at the building society, said: “In an increasingly complex landscape of mortgage terms and product names, first-time buyers are finding themselves navigating uncharted waters. And without the right guidance, they can often overlook some of the mortgage options that could potentially help them to step onto the property ladder sooner rather than later.
It also emerged 79 per cent of all first-time buyers feel the homebuying process would run a lot smoother if everyone just spoke in layman's terms. And 41 per cent have had to bluntly ask someone to speak in more simplified terms during their journey. Due to the complexities faced when buying a home, 46 per cent wish they had been taught more at school about it so they would be more prepared now it is finally upon them.