The UK-wide survey carried out by First Direct found that most people lack even a basic understanding of key terms. 66% of first-time buyers don’t know what stamp duty means and one in four (25%) don’t know who pays the stamp duty. 5% of Brits think stamp duty is a sales tax based on the square footage of the property.
Almost 70% of Brits can’t give the correct meaning of an offset mortgage, while 67% of Brits don’t know that ERC means Early Repayment Charge.
Tracie Pearce, Head of Mortgages at First Direct, said:
“We want to make buying a property as simple as possible for our customers and our videos help to explain the mortgage process in everyday language which we hope will guide, reassure and ease our customers through this process.”
