Herald - Issue 424

v THE NEXT HERALD IS OUT ON 23RD JUNE v 2nd June 2022 • The HERALD • Page 61 Tel: 023 8254 7600 TMT House, 12 The Marsh, Hythe, Southampton, SO45 6AL enquiry@tmtlegalservices.co.uk www.tmtlegalservices.co.uk Your Local Legal Specialists PROPERTY & CONVEYANCING SERVICES We specialise in Property Services from buying your new home to investment portfolios and newbuilds. Call theTeam on 023 8254 7600 or visit our website for our online quotation tool where you can also instruct us If you come into any of these categories, then you will need to complete a self-assessment. Other services that we can provide M G ACCOUNTANCY SERVICES Telephone & Fax: 023 8089 1351 • Email: mgeere@btinternet.com Specialising in Bookkeeping and Accountancy Services in and around the New Forest and Waterside area, be assured of a local and friendly service. Are you self-employed? Are you a small business? Are you a landlord? Do you have investment income? NEW LIMITED COMPANY SET UP VAT RETURNS CREDIT CONTROL OUT OF HOURS CONSULTATIONS BUSINESS PLANS PAYROLL • CIS GENERAL BOOKKEEPING CORPORATIONTAX Don’t let this be you at the end of the tax year ASK A PROFESSIONAL Mortgages Confuse Young Adults by Sue Johnstone, Busy Bee Mortgage and Protection Solutions Limited Getting onto the property ladder these days is no mean feat. From the battle to save up an adequate deposit, to meeting stringent a ordability criteria, it can be an uphill struggle. Now, a survey *1 has revealed a further barrier – a lack of understanding of how mortgages actually work. In need of guidance In a survey, over half (52%) of young adults under the age of 35 reported that they had a ‘fairly bad’ or ‘very bad’ understanding of how the whole mortgage process works from start to nish. is is compared to 32% of 35 to 44 year-olds and 25% of 45 to 54 year- olds. Considering that younger cohorts are those most likely to be applying for a mortgage for the rst time, this lack of knowledge is concerning. Worryingly, it also extends to protection insurance, with 53% of under-35’s also lacking understanding of di erent types of insurance products and when in life they might need them. A whole new world e survey suggested one important reason for young adults’ low mortgage con dence: nancial jargon. In fact, 37% of 18 to 24 year-olds and 33% of the 25 to 34 cohort expressed ‘low’ or ‘very low’ con dence that they would understand the terminology involved in explaining nancial concepts. An education Research shows that today’s young adults lack understanding across the full spectrum of nancial topics – not just mortgages and insurance. With fewer than half of seven to 17 year-olds getting the nancial education they need in school or at home *2 , missing out as children is clearly a ecting people in their adult life, too. And it seems that nancial institutions are now cottoning on to this fact, too. In June 2021, Citizens Advice teamed up with popular streaming platform, TikTok, to deliver a nancial education series with advice including basic money management, jargon busting and understanding the available options. Last year, another unlikely duo also burst onto the scene when the Bank of England partnered with the Beano to deliver its Money and Me series, a set of 12 lessons introducing primary schoolchildren to basic financial concepts. Helping you get a mortgage with confidence If you lack understanding about the processes involved, then taking professional advice for your mortgage and protection needs will help give you the con dence you need to make informed decisions about the most suitable products for you. We’ll use our market expertise to make your mortgage journey as smooth (and jargon-free!) as possible. We’ll also be able to help you understand your protection needs, to bolster your resilience to nancial shocks. If you’d like to know more, then please get in touch. Your home may be repossessed if you do not keep up repayments on your mortgage. As with all insurance policies, conditions and exclusions will apply. *1 Payment shield, 2021 *2 Money and Pension Service. Sue Johnstone