Only 26% of borrowers read their mortgage contracts, a new survey from law firm Weightmans has revealed.
This data follows recent findings that revealed searches for ‘how to read a contract’ increased by 23% in the last year.
This spike, according to Weightmans, was largely due to the UK being in a digital era where online agreements and ‘quick clicks’ are the norm.
Following this trend, the law firm surveyed borrowers regarding their relationship with legal terms and conditions.
Out of those surveyed, 39% admitted to signing contracts they did not understand.
Car insurance contracts were found to be the most frequently read legal documents, with 36% of Brits taking the time to review them.
The survey also revealed a concerning trend in the UK: a lack of thorough review of contract terms and conditions, which could lead to significant financial and legal issues.
Only 26% of Brits read the terms and conditions when it came to getting a mortgage, while only 33% read the terms and conditions of credit card agreements.
For commercial contracts such as licensing agreements, only 11% of Brits admitted to reading the terms and conditions.