Mortgage process a mystery to many young adults
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Mortgage process a mystery to many young adults
It is not only prohibitive house prices and stringent affordability criteria that are making it hard for young people to get on the property ladder. A new survey has revealed that the mortgage process is poorly understood by more than half of all young adults.
In the survey1, 52% of 18 to 34-year-olds rated their understanding of the whole mortgage process as either fairly or very bad. This incomprehension was reflected across other financial products too: 53% said they had a fairly or very bad understanding of different types of insurance and when they might need them.
Lost in translation
For many young adults, the language used to explain financial products and services acts as a barrier to their understanding. More than one in three 18 to 34-year-olds said they were not very or not at all confident that they would understand the relevant terminology.
These results suggest a significant proportion lack the required knowledge and understanding to make sensible and informed decisions about the best mortgage and protection products for their circumstances.
Here to help
When making important financial decisions, it’s always a good idea to seek expert advice. We’ll guide you through the mortgage process from start to finish and explain everything you need to know in plain English. Get in touch – whatever your age!
1PaymentShield, 2021
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
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Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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