Property finance ''confusing Brits''

Brits are confused about property finance and how to choose the best mortgage for them, according to a new report.

A survey by building society Stroud & Swindon has found that a lack of financial knowledge is compounding affordability problems for people wanting to buy or build their own houses in the UK.

Four out of ten Brits don''t realise that house buyers are responsible for stamp duty and 70 per cent did not know that a current account mortgage is available.

Paul Chafer, from Stroud & Swindon, said: "It is unlikely that personal finances will ever be the hot topic that celebrities, fashion or football are but we all need to make an effort to understand the basics.

"If you pay an extra £100 a month on your mortgage because you don''t understand the basics, this is far more devastating," he added.

Many Brits also thought that a base rate mortgage was an actual product that they could go out and buy.


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