In the final part in our series of five videos in partnership with Halifax Intermediaries, Montlake said the public’s level of knowledge of mortgages and the home buying process is poor.
He said: “Financial education is not great; I think it has to start earlier, it has to start in schools and go through to colleges.
“We all have a responsibility to advise people and to get that education out as early as possible.”
Victoria Jefferies, proposition director at LSL, agreed that teaching people about mortgages and home buying should start earlier.
She said: “This is a fundamental issue that everybody has to take responsibility for.
“I would extend that outside of buying property and outside of mortgages – it’s a general thing about finance and savings.”
Information for buyers needs to be simple and remain fresh and relevant, Ian Wilson, head of Halifax Intermediaries added.
He said: “Through the broker market, in particular, I think we’ve got a part to play in keeping it simple… It’s really important that we keep up to date and keep the messages fresh.”