It is not only prohibitive house prices and stringent affordability criteria that are making it hard for young people to get on the property ladder. A new survey has revealed that the mortgage process is poorly understood by more than half of all young adults.
In the survey1, 52% of 18 to 34-year-olds rated their understanding of the whole mortgage process as either fairly or very bad. This incomprehension was reflected across other financial products too: 53% said they had a fairly or very bad understanding of different types of insurance and when they might need them.
Lost in translation
For many young adults, the language used to explain financial products and services acts as a barrier to their understanding. More than one in three 18 to 34-year-olds said they were not very or not at all confident that they would understand the relevant terminology.
These results suggest a significant proportion lack the required knowledge and understanding to make sensible and informed decisions about the best mortgage and protection products for their circumstances.
Here to help
When making important financial decisions, it’s always a good idea to seek expert advice. We’ll guide you through the mortgage process from start to finish and explain everything you need to know in plain English. Get in touch – whatever your age!
1PaymentShield, 2021