First time buyers call for clearer financial advice

26-Oct-2005

Aspiring homeowners would benefit from a more simple and accessible approach to the financial side of the house buying process, it has been announced.

Click here to find out about the finances of borrowing with friends, i.e. to find out how much you can borrow together and what it will cost you

Research by the Financial Services Authority (FSA) has indicated a need for more clear financial advice for first time buyers, after a survey revealed that over 36 per cent were confused by the terms and conditions of their mortgage agreements.

Over half admitted to not knowing what APR (annual percentage rate) stands for or what rate they were currently paying. A further 36 per cent did not understand the mortgage leaflets given to them and 65 per cent said it discouraged them from agreeing to a deal.

Deciding how to finance the purchase of a property can be stressful and confusing for potential buyers and the FSA is calling for greater access to expert help and advice.

To find out what you can borrow, even if you are in an adverse credit situation click here

Over three quarters of aspiring homeowners agreed that more impartial information about mortgage providers and products is needed and said that less jargon and confusing terms should be used.

First time buyers are encouraged to seek independent advice before signing an agreement they do not fully understand.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley, click here

Click here for further information on finding a deposit

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