Friends and family first stop for mortgage tips

Robyn Hall

October 23, 2012

Only 21% of people surveyed would go to their lender for help whereas 46% preferred rely on word of mouth.

However 53% said they were happy to contact their financial or mortgage adviser for guidance.

When it came to searching for specific products, however, the internet came out on top with 34% of people saying that it would be their first port of call.

The quarterly study looks at the attitude of British homeowners and first-time buyers on a range of mortgage related issues.

Ben Thompson, managing director of Legal & General Mortgage Club said the results were “extremely interesting” when it came to identifying where people went for information on mortgage products.

He said: “Both the internet and word of mouth are clearly key resources for a lot of people, especially those who are under 35, likely to be first time buyers, and with little, if any, previous experience in obtaining a mortgage.

“With an abundance of confusing terms and misleading reports out there, it is important that advisers and lenders can still service this group by doing as much as possible to provide them with convenient ways to access the correct information on products, in clear and easy to understand language.”

The survey also revealed that homeowners felt the most important factor to take into account when moving home was their family’s needs, with 40% of respondents citing this as the reason they bought their current home.

The South West had the highest proportion of buyers moving to a home which better accommodated their families (68%), while the East Midlands was the only region in the UK whose homeowners didn’t place family needs as the top reason to buy.

And 42% of people buying there said they were doing so to get onto the property ladder.

Family also proved to be a factor when people considered their housing situations, with 9% of those living in rented accommodation across the UK saying that renting had delayed their decision to start a family.

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