A new survey conducted by David Wilson Homes reveals that 81% of British homeowners lack knowledge about the fees associated with buying a home and securing a mortgage.
This lack of understanding comes as almost one million UK mortgages are set to be renewed before September 2024, according to ONS statistics.
The survey also found that 91% of respondents were unfamiliar with higher lending charges, 85% were unaware of early repayment fees, and more than half (54%) did not understand stamp duty.
In a survey of 500 prospective and current UK homeowners, 81% said they lacked knowledge about fees, influencing their choice of mortgage lender and product.
Terry Higgins, group managing director at TNHG, said: “Taking out a mortgage is a big financial commitment and one of the biggest financial decisions you’ll take in your life.
“Speaking to a good mortgage broker as early as possible in the process will help you to understand not just how much you can borrow, but also how much deposit you’ll need and what other costs you will be expected to pay.”
