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Home-buying jargon confused first-time buyers

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Home-buying jargon confused first-time buyers

A new survey shows that home-buying jargon is bamboozling many first-time buyers. The study found that many would-be homeowners struggle with commonly used housing and mortgage terms – leaving nearly nine out of ten of them convinced it's hard to get onto the property ladder.

Amor Financial are based in the heart of Tunbridge Wells and offer mortgage services throughout Kent & Sussex 

The report

The latest First Time Buyer Index, February 2019*, from specialist bank Aldemore*  found that of prospective first-time buyers:

  • Over half (52%) do not understand what a Help to Buy equity loan is
  • Nearly half (47%) do not understand Lifetime ISAs
  • Over a third (36%) struggle with what a Help to Buy: ISA is
  • Nine in 10 (89%) think it’s difficult to get on the ladder – which has not improved in the past six months.
The implications

The findings reveal that many first-time buyers could be finding it harder than necessary to get onto the housing ladder, as they re missing out on potential stepping stones to help them achieve their property dreams, including up to £3,000 from the Government through the Help to Buy: ISA scheme or £1,000 a year with a Lifetime ISA.

Failure to understand shared ownership options or the Help to Buy equity loan scheme mean prospective homeowners may not be aware of all the potential routes available to help them get onto the property ladder.

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