A recent survey has revealed that 90% of people planning to take out a mortgage in the next year do not completely understand the difference between the main types of mortgages that are on offer.
Only 8% of respondents said they completely understood all the differences between the many variations of mortgages but 11% said they didn’t understand anything at all.
The survey also highlighted that only 26% of people who already have a mortgage feel they completely understand the differences.
This is not too surprising considering the overwhelming choice and complexity that potential borrowers are faced with when they do a simple internet search.
It emphasizes the need for people to take great care when trying to make very important financial decisions without seeking mortgage advice from a good professional mortgage advisor. It is really important that they thoroughly research which is the best mortgage product for them, taking into consideration their stage in life and current financial circumstances.
It is always important to compare like for like and to keep in mind that lender fees can play a large part in whether or not a particular mortgage deal is competitive against the many other deals on offer.
In our role as mortgage brokers Manchester we can help to guide you through the maze of information that you will need to understand to make the right decisions for you and your family.