UK consumers 'confused' by housebuying issues

24-Apr-2007

A lack of knowledge about personal finance is compounding the problems faced by housebuyers in the UK, including the many potential first time buyers.

This is according to a new report by building society Stroud & Swindon, which found that stamp duty in particular is an area that housebuyers, such as first time buyers, are not well versed in.

Four in ten of those polled did not realise that the housebuyer is responsible for paying stamp duty.

Mortgage products also seem to confuse Britons, with 70 per cent unaware that a current account mortgage is a real product.

Meanwhile, 31 per cent of men and 28 per cent of women thought that a base rate mortgage was an actual product.

Commenting on the findings, the society's sales and marketing director Paul Chafer said it was "worrying" that Britons display "a relatively low financial IQ".

A recent survey by Abbey found that 45 per cent of potential first time buyers rely on parental support when they buy a house, with more than half of them thinking they would not have to repay the loan.

To find out about those mortgages specifically aimed at first time buyers, see our best buys for first time buyers table.

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