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Should mortgages be added to the school curriculum?

Five out of six homeowners don’t understand their mortgage – yet many have never sought the assistance of a mortgage broker

Research has revealed that only one in six homeowners (17 per cent) say they understand the details of their mortgage.

When mortgage broker Boon Brokers questioned 1,100 UK homeowners to find out how much they understood about mortgages, 83 per cent said they weren’t sure how their home loan worked in terms of fees and interest rates.

One in 12 (eight per cent) admitted they found mortgages very confusing – a figure which was higher with younger homeowners aged 18-24 (13 per cent) as opposed to only three per cent of mortgage holders aged over 65.

It’s no wonder, therefore, that one in five mortgage holders (22 per cent) think mortgages should be on the curriculum at school.

But despite the lack of understanding, well over a third of mortgage holders (39 per cent) have never used a mortgage broker – even though a good one could explain products to homeowners and help them choose the best one.

Mortgage broker fees can be a source of concern for homeowners, with fees varying widely. Boon Brokers questioned 44 mortgage brokers across the country which revealed six out of 10 do charge clients a fee. The average amount was found to be £559, but some charged more than £1,000. This is despite all the mortgage brokers questioned admitting they also get a procuration fee from the lender.

A mortgage is likely to be the biggest financial commitment you enter into, and as such you want to choose your mortgage deal wisely. Working with a good mortgage broker can help make the process much easier. But what are the key things to consider when looking for a mortgage broker?

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