'Jargon confusion' on first-time buyer mortgages

29-Jan-2009

Many first-time buyers (FTBs) find key financial terms difficult to understand when taking out a mortgage and would benefit from expert advice, it has been suggested.

According to Jaedon Green, head of mortgage development at the Halifax, mortgage jargon can prove a hindrance when people are looking to purchase their first property.

"They need a combination of advice, expert knowledge and mortgage deals which help make the first steps on the property ladder easier," he said.

The industry expert's comments come as many people could be considering financial solutions to get on to the property ladder, such as shared ownership mortgages and first-time buyer mortgages, after falling house prices have improved affordability for FTBs.

Nationwide reported this month that the average property lost 15.9 per cent in value during 2008 as the credit crunch affected the UK economy.

But FTBs who cannot define definitions such as "Key Facts Illustration" and "gazumping" might need to consider first mortgage advice, the Halifax indicated.

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