Financial education charity, the ifs School of Finance, has called for more structured financial education in secondary schools.

Recent research from the Consumer Financial Education Body revealed that one in seven borrowers do not know the kind of mortgage they have. The FSA has also highlighted the extent to which the interest-only mortgage has been taken up, without a suitable repayment vehicle in place.

Rod McKee, head of financial capability at the ifs School of Finance, said: “Choosing a mortgage is probably the biggest financial decision that most people make in their life. It is worrying that so many people walk into these commitments without a fuller awareness of the implications