Do you know what a freehold is, when you might have to stump up an early repayment charge or what it means to be gazumped?
If the answer is no, you aren't alone - research by Zoopla shows less than half of Britons who don't own a home could 'confidently' describe what those words mean.
The home buying process is filled with jargon, and the property portal asked people to explain 25 key terms to see how much they really understood.
Gazundering was the least well-known term, while disbursements and covenant also placed at the bottom of the list.
Knowledge is key: But many of those who don't already own a home are confused by jargon
Mortgage itself had the best level of understanding, though 20 per cent still said they could not confidently describe what it meant.
Fixed interest rate (61 per cent), surveying (53 per cent) and variable interest rate (52 per cent) were also understood by more than half of those questioned.
But the survey revealed a lack of comprehension of many of the important terms involved with buying a home - and 9 per cent said they could not understand any of the words on the list at all.
For those who aren't sure, This is Money has debunked some of the words on the list in our home-buying dictionary below.
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Zoopla estimated that this 'property knowledge gap' could be putting more than two million Britons off buying a home.
It also highlighted other misunderstandings about the sometimes complicated process of purchasing a property.
While 45 per cent of adults knew what stamp duty was, for example, only 27 per cent knew that it must be paid within 14 days of completion of a property purchase.
And almost a fifth (18 per cent) of those asked said that home buyers can never avoid paying stamp duty, when in fact it only applies to homes worth over £250,000, rising to £425,000 for first time buyers on homes costing up to £625,000.
One mortgage broker said that not being clued up on property jargon could result in expensive errors.
Learning curve: Zoopla's research suggests first-time home buyers may need to do some reading up on property lingo
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: 'For most people, buying a home is the biggest financial commitment they will ever make so it's vital to get it right.
'However, if you don't understand some of the key terms, and don't have anyone you trust to explain them to you, there is a high risk of making a
costly mistake.'
Harris said that, given many people in the UK aspire to own a home, learning about the process should start in school.
He added: 'With the continental trend towards long-term renting never really taking off here as home ownership remains aspirational, it's important that there is more education with regard to the house buying process, ideally starting in schools.
'Failing that, at least taking the advice of a whole-of-market broker who can ensure you don't pay more than you need to for your mortgage, would be a big step in the right direction.'
This might be especially important for first-time buyers whose parents do not own a home, according to Zoopla's research.
It found that those whose parents are not homeowners were twice as likely to admit they don't know what a fixed rate mortgage is (14 per cent) than those whose parents do own a home (6 per cent).
David Hollingworth, mortgage expert at broker L&C, added: 'When most people will only need to deal with a mortgage every so often and a house move even less frequently it's important to make sure that you can cut through the jargon to understand what's required.
'Most people won't have to contend with all the terminology on the list but using a good adviser will certainly help you understand the basics when it comes to the mortgage. They should be able to break things down into simple to understand terminology that will help you focus on the right elements for your needs.'
Daniel Copley, consumer expert at Zoopla, said: 'The research shows that many UK adults - including those who already own a home - have a significant lack of knowledge when it comes to what even the most basic and commonplace home-buying terms mean.
'It's usually presumed that finances are the reason someone doesn't own their own home, but the figures show that for millions of people, it could also be a lack of knowledge that is holding them back.'
Home buying dictionary: What do these words mean?
Mortgage - 81%
A loan taken out with the purpose of buying a property.
Fixed interest rate - 61%
A mortgage interest rate which stays the same for a set period of time - typically two or five years. This is normally in place at the start of a mortgage term, and when it runs out the homeowner must remortgage to another fixed or variable rate, or
https://bangcacloai.com/ fall on to the lender's standard variable rate.
Surveying - 53%
This is when a home buyer hires a professional surveyor to check the property for any existing or potential future issues, usually after their offer has been accepted.
There are different types of survey, some of which are more thorough than others - but typically the surveyor will inspect all easily accessible areas inside and outside the home, checking things like the property's general condition, utilities, flood risk and any health and safety concerns.
A mortgage lender may also commission a survey of a property when deciding whether to offer a loan on it, though this is often done from the street - known as a 'drive-by' and is less thorough.
Survey: This is when a homeowner appoints a surveyor to check out a home they want to buy
Variable interest rate - 52%
A mortgage interest rate which can change - for example a standard variable rate or tracker. The rates on these can be higher than fixed deals, but they usually have the benefit of no early repayment charges.
Deeds - 47%
These are the legal documents recording who owns a property and the land it sits on, and are held by the Land Registry in England and Wales. Scotland and Northern Ireland have separate registers.
When a home is bought for the first time, the homeowner's solicitor may be given a copy of the original deeds - but after that they are updated electronically by the Land Registry.
Completion - 46%
This is the day when ownership of a home officially passes over from the old owner, to the new one - and usually the day they collect the keys.
Freehold - 46%
This is where the owner of a home owns not only the property itself, but also the land it sits on.
It is the most common type of home ownership in the UK, but flats and properties on managed estates may be owned leasehold instead.
Stamp duty - 45%
A tax which must be paid by a property buyer to HM Revenue and Customs, unless the purchase is exempt.
In Scotland it is called Land and Buildings Transaction Tax and in Wales it is called Land Transaction Tax.
