First time buyers go online for mortgage advice

07 July 2004
First time buyers are increasingly turning to the internet for mortgage advice.

According to new research from Alliance & Leicester more than one in four (26 per cent) are choosing to go online to get up to date on mortgages.

More than three quarters of first time buyers (72 per cent) said the biggest reason they turn to the net for mortgage information was convenience, with one in ten saying that they chose the internet as it was straightforward.

Just one in thirty-three said they turned to the net to find a better value deal.

Paul Cooper, head of mortgages at Alliance & Leicester, said: “It's encouraging to see that first time buyers are tapping into the wealth of information available on the internet to find a great value deal from a reputable lender."

He adds: "It is interesting to note that only a small minority are aware that they could benefit from better deals by going online."

When questioned on this over one third of the 1,200 people surveys (39 per cent) said they like the reassurance of face-to-face contact with their lender or Independent Financial Adviser (IFA). One in five (20 per cent) also turn to friends and family for advice when buying.