Yorkshire Building Society has partnered with financial education provider Doshi to offer would-be homeowners an online learning programme designed to guide them through the process of applying for a mortgage and buying a home.
The new tool, which can be accessed via the mortgage section of the mutual’s website is aimed at those interested in taking their first step on the property ladder.
Research from Yorkshire Building Society shows that lack of knowledge is a major blocker for would-be property owners. Less than one in five people (18 per cent) feel knowledgeable about mortgages and more than one in 10 (14 per cent) don’t know what financial factors are important when applying for a mortgage.
The recent poll of 2,000 people suggested that less than half of respondents (45 per cent) recognised that a good credit score is important when they apply for a mortgage, and only a third (34 per cent) thought being able to repay debts mattered.
FINANCIAL COMMITMENT
Geddy Meguyer, Yorkshire Building SocietyGeddy Meguyer, Senior Manager for Digital Mortgages and Enabling Services, says: “Buying a house is often the largest financial commitment people will make in their lifetime, but as our research suggests, knowledge around mortgages and the process of home-buying is low.
“We know from customer research that people feel more confident in their decision making when they are informed and know what to expect, which is why we are trialling this new learning tool, aimed at helping first-time buyers understand more about the home-buying process.
“We’re committed to exploring new ways to solve customers’ pain points, so we’ll be evaluating people’s experience with the tool as time goes on to make sure it is as helpful as possible for potential home-buyers.”
MORE ACCESSIBLE
Daniel Rose, DoshiDaniel Rose, Chief Executive of Doshi, adds: “Partnering with Yorkshire Building Society to empower aspiring homeowners is a significant step toward making homeownership more accessible.
“Our programme demystifies the mortgage process, providing engaging, bite-sized guidance every step of the way. We are excited to see the positive impact on first-time buyers.”
The Doshi tool takes aspiring homeowners through the home-buying journey, from understanding home ownership to preparing to buy; financing a home; aspects of the home-buying process and then maintaining their home when they’ve achieved it. Users also learn about key topics, such as the difference between freehold and leaseholds, different types of mortgages and the application process, terms and acronyms, what to look for when buying a house and a timeline of the home-buying process.
