Yorkshire Building Society has partnered with financial education provider Doshi, to offer would-be homeowners an online learning programme designed to guide them through the process of applying for a mortgage and buying a home.
The new tool, which can be accessed via the mortgage section of the mutual’s website, is aimed at those interested in taking their first step on the property ladder.
Research from Yorkshire Building Society showed that lack of knowledge was a major blocker for would-be property owners.
Fewer than one in five (18%) said they feel knowledgeable about mortgages and 14% did not know what financial factors are important when applying for a mortgage.
The recent poll of 2,000 people found that 45% recognised that a good credit score is important when they apply for a mortgage, and only a third (34%) thought being able to repay debts mattered.
The Doshi tool aims to guide aspiring homeowners through the buying journey, from understanding ownership to preparing to buy, financing a home, aspects of the process, and then maintaining their home.
Through the programme, users will also learn about key topics, such as the difference between freehold and leaseholds, different types of mortgages and the application process, terms and acronyms, what to look for when buying a house and a timeline of the home-buying process.
Geddy Meguyer, senior manager for digital mortgages and enabling services at Yorkshire Building Society, said: “Buying a house is often the largest financial commitment people will make in their lifetime, but as our research suggests, knowledge around mortgages and the process of home-buying is low.
“We know from customer research that people feel more confident in their decision making when they are informed and know what to expect, which is why we are trialling this new learning tool, aimed at helping first-time buyers understand more about the home-buying process.
“We’re committed to exploring new ways to solve customers’ pain points, so we’ll be evaluating people’s experience with the tool as time goes on to make sure it is as helpful as possible for potential home-buyers.”
Daniel Rose, CEO of Doshi, added: “Partnering with Yorkshire Building Society to empower aspiring homeowners is a significant step toward making homeownership more accessible.
“Our programme demystifies the mortgage process, providing engaging, bite-sized guidance every step of the way. We are excited to see the positive impact on first-time buyers.”
