¼ of respondents found mortgage deals confusing
In another survey by Trussle, again a UK mortgage provider, ¼ of respondents found mortgage deals confusing and almost 30% said they did not fully understand whereabouts they were in the process.
Those sentiments are reflected on this side of the pond as well. A famous TV advert from around a decade ago caught the nations mood brilliantly in that regard. In the commercial we see a young man looking slightly agitated as he journeys home aboard a double-decker bus. He slowly stands up from his seat and announces “I don’t know what a Tracker Mortgage is”.
It was an ad from The Financial Regulator and it was very prescient.
The stress and confusion can not only be distressing, but financially damaging.
Figures show that many who are confused or put off applying for a mortgage then sit on a standard variable rate when their initial deal ends.