Have you ever dreamed of becoming a homeowner, but feel lost in the jargon of mortgages and the intricacies of the real estate market? Look no further! Yorkshire Building Society has recently launched an innovative educational tool that guides you step by step in understanding mortgages and the home buying process. Whether you are a first-time buyer or simply curious to better understand this fascinating world, this initiative is designed to demystify the steps and empower you to make informed decisions. Get ready to turn your dream into reality with tailored and accessible support!
Innovative Partnership for Financial Education
Hello, it’s Anne Marie! Today, I am excited to share some thrilling news from Yorkshire Building Society (YBS). In collaboration with the financial education provider Doshi, YBS has launched an online program aimed at guiding future homeowners through the mortgage application and property purchasing process.
Why This Initiative? A Crucial Need for Knowledge
Research conducted by Yorkshire Building Society has revealed that the lack of knowledge is a major barrier for prospective homeowners. Only 18% of respondents feel well-informed about mortgages, and 14% are unaware of important financial factors related to applying for a loan.
A Training Tool to Illuminate the Path
Accessible via the mortgage section of the Society’s website, this tool is mainly targeted at those who want to take the first step on the property ladder. Geddy Meguyer, Senior Manager for Digital Mortgages, states that the tool aims to help potential buyers better understand the home buying process.
An Engaging and Playful Program
The Doshi program offers engaging and concise guides covering various aspects of the buying process, from key concepts about property ownership to types of mortgages, as well as what to look for when buying a house. It also details the differences between freehold and leasehold, along with common terms and acronyms in real estate.
Accessibility for All
The tool is available for free to everyone, whether clients or non-clients of Yorkshire Building Society. This initiative is part of the Society’s commitment to making home ownership as accessible as possible, following reports showing that 78% of potential buyers view home ownership as an elitist privilege.
A Game-Changing Initiative
Daniel Rose, CEO of Doshi, adds that this partnership aims to demystify the mortgage process, providing easily digestible advice at every step. The program is designed to help first-time home buyers feel more confident and informed in their property purchasing decisions.
A Concrete Solution to Overcome Financial Barriers
Earlier this year, YBS launched its £5k deposit mortgage, allowing first-time buyers to overcome one of the biggest challenges: saving for a deposit. This innovative product allows for the purchase of a property up to £500,000 with an initial deposit of just £5k.
To learn more and access the tool, visit Yorkshire Building Society’s website.
Highlights of the Doshi Tool
| Overview | Details |
| Online Training | Engaging guides covering the buying process |
| Free Access | For YBS clients and non-clients |
| Financial Information | Importance of credit score, debt repayment capacity |
| Comprehensive Program | From understanding ownership to post-purchase management |
