Only 49 per cent of survey respondents knew that the term 'credit crunch' referred to the ongoing squeeze in credit availability, instead they incorrectly believed it related to a drop in stock market values.
The Show's research also highlighted that two thirds of borrowers have no clue what a tracker mortgage is, with a further third in the dark about the Base Rate.
The popularity of the former may be seeing a more modest uptake due to Britons' understanding, or lack of it, rather than their attitude to risk.
Instead of correctly spotting that a tracker followed the bank of England Base Rate, 25 per cent thought it was pinned to salary increases and another 22 per cent believed it followed the rate of inflation.
Even though these statistics point to a growing need for intermediary advice on the part of the borrower, 30 per cent of confused homeowners won't turn to a broker because they believe they are obliged to commit to the product offered.
