According to a recent report through polling homeowners and homebuyers in the UK, there is much that is lost in the way of information that could help them better navigate the lending market. Tussle, an online mortgage broker, in polling over 2,000 homeowners and those home buyers about to be homeowners, found that the common jargon used in the market is mostly unknown. Such lack of information can make it difficult for them to discover information that could be helpful in making choices as both buyers and homeowners.

According to the poll, 61% of the homeowners and homebuyers don’t look over their mortgage agreement completely before signing it. Half of those polled reported they do not understand the language used in the paperwork associated with the process of buying a home.

Over 65% of those polled do not understand the terminology in their mortgage agreement. An even higher number of homeowners, at 76%, were unfamiliar with the term “remortgaging” which could leave them unaware of the benefits of remortgaging once their current mortgage deal ends.

Mortgage expert at Trussle, Dilpreet Bhagrath, remarked, “Mortgage terminology can be tricky to understand, and it’s clear that there’s still a lot of jargon in the industry that’s misunderstood.

“Buying a home is one of the biggest emotional and financial commitments someone will make in their lifetime. Yet, borrowers are being put at a huge disadvantage by not truly understanding the terminology used in their mortgage agreement.

“It’s worrying that so many homeowners still don’t understand remortgaging, particularly as they risk falling onto an expensive standard variable rate and could waste an average of £4,500 a year on high-interest rates.

“Across the industry, we need to educate borrowers so they understand what they’re getting into and how they can keep their mortgage on track.”