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Abbey finds that first mortgage offered is often good enough

25 November 2004
Abbey has found that 63 per cent of first-time buyers opt for the first mortgage they are offered, but that the majority of these are happy with their loan.

That said, 35 per cent of prospective homeowners claim to have been pressured into arranging a mortgage quickly and the majority of these said the pressure came from estate agents.

Despite the pressure and the lack of research, 80 per cent of the people questioned were found to be happy with their mortgage.

"With the number of deals available these days, it's more important than ever to take sound advice and shop around for the best mortgage for their needs," said Abbey customer director, Angus Porter.

"It's alarming that the majority of first-time buyers take the first mortgage they're offered . . . Even more worrying is that many of them feel pressurised into doing so," he added.

To read more about mortgages for first-time buyers, click here.
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