Mortgage Education in Schools: Goldmanread’s Clive Read on BBC Radio Essex
I was delighted to join Glen Fry on BBC Radio Essex this morning to discuss the breaking news: the government’s new proposals to include mortgage education in the school curriculum for pupils across England.
This discussion comes at a critical time. For the next generation of first-time buyers, the path to homeownership is more complex than ever. Here is a breakdown of our conversation and why this push for financial literacy is so important.
Q1: Mortgages on the Curriculum—Is it a Good Idea?
The discussion started with the fundamental question: Should budgeting and mortgages be taught in schools, or should this responsibility remain solely with parents?
Clive Read: “I think it’s a very good idea. I’m really old enough to remember when buying a property was a kind of right of passage. But these days, it’s much, much more difficult for first-time buyers to get on the property ladder. So I really think that the younger we start educating people about mortgages and what’s involved, the better.”
Q2: Does Financial Education Really Help with High Property Prices?
Glen raised a valid challenge: with house prices and cost of living pressures rising, can a lesson in a classroom really change a young person’s financial circumstances?
My answer is unequivocally yes. While education cannot instantly lower a house price, it absolutely gives young people an essential head start.
The Mortgage Race: How to ‘Train’ for Homeownershipere
The key to success for future homeowners in Essex or elsewhere is preparation. I use an analogy that resonates with first-time buyers:
Clive Read: “It’s a little bit like training for a race… The more knowledge you have upfront on things like your credit rating, how your credit score works, the different mortgage options that are available to you, the more chances you have of success.”
It is wrong to take a negative view and assume homeownership is impossible. By arming children with knowledge, we are giving them the tools they need to proactively:
• Build a Strong Credit Profile: Understanding credit early is vital.
https://goldmanread.co.uk/how-to-build-up-credit-for-a-mortgage/
• Manage Debt Responsibly: Learning the difference between ‘good’ and ‘bad’ debt from an early age is fundamental to being mortgage-ready later in life.
• Understand Deposit Requirements: Early knowledge about savings and ISAs makes the deposit goal feel achievable.
The Mortgage Knowledge Gap
As a mortgage broker based in Westcliff-on-Sea, I see the knowledge gap every day.
Glen asked me “Are you seeing younger people coming in? And do you feel sometimes, Clive, you’re educating them?
My response was “Yeah, definitely. I don’t blame them for that… But a strong part of what I do is really to educate people about what they need when they’re applying for a mortgage.”
I believe everyone, regardless of their background, should be given the opportunity to achieve homeownership. As I mentioned previously, taking on a mortgage was a burden, but now, it’s a necessary, challenging step that requires preparation. This curriculum change is key to that preparation.
Take the First Step Today
I’m a strong advocate for these changes. There is never any harm in education on any subject, especially one that underpins long-term financial stability.
Ready to start your own ‘mortgage race’ with an expert guide?
If you’re a first-time buyer or moving home in the Essex area and want to understand how credit scores, deposits, and the latest mortgage rates affect your chances, don’t wait for the school curriculum to catch up!
