The process of purchasing a home within the country’s borders, or anywhere else for that matter, is a lengthy and complicated one. To put it in short form, it is a jungle out there. There are several factors associated with buying a home or remortgaging a home which one should become familiar with. A recent poll discovered many on this trek are unaware of some of the most important details involved with such a large transaction.

For house hunters and remortgagors, the list of know-how items is long and extensive and requires homework to understand. The results of a recent questionnaire reveal this homework is not being done or there are too many terms to understand or possibly both.

The poll, conducted by the Homeowners Alliance, discovered many borrowers do not understand the details of their own mortgage deal. This is resulting in many paying more for their mortgage than they should or paying for unnecessary fees.

Almost 70% of adults admit their knowledge of mortgage terms is “not good.” And 30% of the respondents have no idea of their mortgage rate. Not only does this result in possibly paying more for a mortgage than one should, it also adds up to a recipe of failure moving forward. Having no idea about mortgage terms makes it impossible to devise a working strategy for the future.

Although many do not understand the terms and fine print of a mortgage arrangement, they do not seek out the service of a broker for fear of too much expense. Although there is cost to being consulted, the cost will likely save many pounds in the future and set up a first home budget which can be successful.