Speaking at the BSA Annual Conference in Birmingham, Sarah Woodall, head of housing services at West Midlands-based housing association Accord Group, said: “I know you have lots of regulation but when I’ve looked at documentation from lenders it’s hardly transparent. There’s arrangement fees, product fees, transfer fees, non-refundable this and non-refundable that.
“I found it difficult. If I had a tip for the mutual sector to help first-time buyers and other borrowers in general it would be – make it a bit more transparent. Less of the gobbledegook.”
Woodall praised Nationwide’s first-time buyer guide as “really simple” for someone new to the home buying game.
She added: “I understand in mortgage applications there are 16 scripted questions. But jargon hits you right between the eyes. There’s some good stuff but there’s also some bad and some ugly stuff out there. Maybe you could get your customers to have a look at that.”
