First-Time Buyers Perplexed by Confusing Property Jargon
If You Think Compliance Is Expensive… Try Non- Compliance.
September 12, 2019
The Importance of Compliance – An Investment into Opportunity and Growth
October 2, 2019Is there more we can do to help aspiring first-time home buyers?
FTB and the Homeownership Struggle
Recent research by Santander has revealed striking misconceptions and worrying knowledge gaps among first-time buyers about the property market.
The research surveyed 18-40-years old's across the UK and discovered not only a lack of homebuying knowledge but gross expectations when it came to buying their first home.
Examples:
Three out of five buyers believed the term 'exchange' meant that they had ownership of the property and possession of the keys, rather than the 'exhange for contracts.'
Just under one quarter (probably due to renting most of their lives) believed that a 'house deposit' was refundable a year after the purchase of their property. Many also had unrealistic expectations of how much a house deposit is and how long it would take to save for.
Six out of ten aspiring buyers believed they would be able to borrow up to x10 their income for their mortgage.
Educate - Turning the Pipe Dream of a Home into Reality
Despite the confusion surrounding the property market, 51% of 18-40 year old's biggest aspiration is to still own a property within their lifetime.
Education is the best solution to enable aspiring buyers the chance to make informed decisions when saving and eventually looking for their first property.
This is why we have responded to Santander's latest research with a downloadable pdf 'Jargon Buster' to help first-time buyers navigate with ease the complexity of the property market, the buying process and all the technical terms inbetween.
This is our way of offering a further helping hand on top of our rapid KYC Solutions. We hope our Jargon Buster will solve some of the language barriers and remove a lot of unnecessary worry."
