It is “vital” that people looking to take out their first mortgage seek debt advice, it has been stated.
Financial advisor Catherine Hearnden from MyMortgageDirect has claimed it is crucial that borrowers consult somebody with inside knowledge before attempting to obtain a homeowner loan or buy a property.
It can sometimes be difficult for those who are “not aware of the terminology” and “have never been through the process before” to understand the business, she said.
Using the internet to compare products and discussing transactions with an independent broker can help them make a decision, Ms Hearnden noted.
This can help home purchasers to “get advice on the whole of the market”, she remarked, adding that the process “will all be explained to them”.
It comes following a poll conducted by Halifax, which found that a large proportion of first-time buyers could not define common terms used when agreeing upon a mortgage.
By Jamie Price