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Graduate househunters get help from Halifax
Friday, 06 March 2009
Life after graduation
Those looking to accompany their new graduate job by buying a house for the first time are confused about the jargon involved with house hunting, but they have received help from a leading banker.
Halifax, the leading mortgage lender which produced the survey, said that two-thirds of first time buyers do not know what the acronym KFI (key facts illustration) stands for, and less than half know what gazumping means.
Even though 81 per cent of those looking for a first house do know what a completion date is, Halifax has set up a website to help first-time buyers, including graduates, to understand jargon, calculate the affordability of houses and to track potential purchases.
Jaedon Green, head of mortgage development at Halifax, said: "Understanding mortgage jargon can be difficult for many first-time buyers who are new to the housing market. Our experience shows they need a combination of advice, expert knowledge and mortgage deals which help make the first steps on the property ladder easier."
Halifax has also recently announced that house prices have dropped to their most affordable level for six years, with a 2.3 per cent drop in the last month.