Half of aspiring homeowners puzzled by MMR
Of those who know it exists, just 31% have bothered to find out more about it.
For those who are aware of the MMR, more than two in five (41%) felt reassured that it will help them borrow within their means.
In comparison to other age groups 18 to 24 year olds are most likely to seek out more information about the MMR (75%).
Ian Ramsden, director of TSB Mortgages, said: “Though the Mortgage Market Review is usually recognised as a positive change by people who understand it, many still have worries as it remains shrouded in mystery.
“However, there’s no need to worry as TSB is here to provide practical advice for those who need it.
“Don’t panic, but do prepare for your mortgage application with some straightforward, simple steps: break down your finances, work out how much you can afford and aim to future-proof your mortgage as far as possible by discussing plans with your mortgage adviser.”
A number of aspiring homeowners are taking sensible moves to get on the property ladder, as 53% said they will save up as much as possible, while a further half (49%) will check their credit report before applying for a mortgage.
A third (29%) will look to pay off existing debts, while just over a fifth (21%) will make sure they’re on the electoral roll.
TSB has vowed to demystify mortgages, as it advised buyers to check how much they can borrow with banks or building societies before looking for property.
It also instructed borrowers to have realistic expectations of how much they can borrow, as TSB offers an online money planner tool.
Other instructions were to improve their understand of mortgages from the free Money Advice Service and for buyers to check their credit report.