Mortgage jargon can be confusing to first-time buyers

Thursday, February 28th, 2019

When you consider the amount of the jargon used by some in the industry concerning mortgages, property and the related legal aspects of a purchase, it is, on reflection, not surprising that many first-time buyers then struggle to fully understand the process, and data recently released by mortgage lender Aldermore certainly seems to confirm this. 

Here at Caboodle Finance, we have always recognised that first-time buyers do not understand all the terminology associated with arranging a mortgage or buying a property, which is why our dedicated advisers always strive to give clear and professional mortgage advice throughout.

First Time Buyers Missing Out?

According to the Aldermore report, some of the most confusing terms are things like ‘starter home initiative’, ‘Help to Buy equity loan’ and ‘shared ownership’. That being so, this raises the possibility that some eligible first-timers may be missing out on the various benefits on offer from those home buying schemes that do provide additional help to those wishing to enter the property market.

Add into the mix the difficulty that some first-time buyers experience in raising a reasonable deposit, it is not surprising that many simply don’t know how to get started.

Educating First Time Buyers

Although the industry does need to do more to educate first time buyers, here at Caboodle Finance we strive to ensure that our customers always understand what their options are when it comes to buying a property and raising a mortgage. 

We know that buying a first home can sometimes be a frustrating and challenging process and that is why we work alongside our clients to not only provide the best mortgage advice, but also to help deal with associated third parties such as estate agents and solicitors to ensure that the best outcome is achieved wherever possible.

Your specialist mortgage broker in Sutton Coldfield

The team here at Caboodle Finance of Sutton Coldfield, Birmingham always do their utmost to ensure that clients revive the very best mortgage advice and get access to the products that match their circumstances. 

For more information, please call one of our specialist mortgage advisers on 0121 308 9114 or alternatively just click HERE to contact us and we will be delighted to help you get started.