One in five people feel knowledgeable about mortgages

Just under one in five (18%) people have said they feel knowledgeable about mortgages, Yorkshire Building Society has found.

Research from the society suggested this lack of knowledge is a major blocker, with 14% stating they don’t know what financial factors are important when applying for a mortgage.

The recent poll of 2,000 people suggested that less than half (45%) of respondents recognised that a good credit score is important when applying for a mortgage, while just a third (34%) thought being able to repay debts mattered.

Following this research, the society has partnered with financial education provider, Doshi, to offer prospective homeowners an online learning programme designed to guide them through the process of applying for a mortgage or buying a home.

Senior manager for digital mortgages and enabling services, Geddy Meguyer, said: "Buying a house is often the largest financial commitment people will make in their lifetime, but as our research suggests, knowledge around mortgages and the process of home-buying is low.

"We know from customer research that people feel more confident in their decision making when they are informed and know what to expect, which is why we are trialling this new learning tool, aimed at helping first-time buyers understand more about the home-buying process.

"We’re committed to exploring new ways to solve customers’ pain points, so we’ll be evaluating people’s experience with the tool as time goes on to make sure it is as helpful as possible for potential home-buyers."

Chief executive officer at Doshi, Daniel Rose, added: "Partnering with Yorkshire Building Society to empower aspiring homeowners is a significant step toward making homeownership more accessible.

"Our programme demystifies the mortgage process, providing engaging, bite-sized guidance every step of the way. We are excited to see the positive impact on first-time buyers."



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