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Internet is consumers’ first port of call for mortgage advice

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Consumers are increasingly turning to the internet to research mortgage products, according to Legal & General’s mortgage mood survey.

Potential mortgage customers across the country were surveyed, with 34% of respondents saying that the internet was their first port of call when researching mortgage products.

Mortgage advisers came out on top when asked where provided the best mortgage tips, with 53% saying they would use a broker compared to just 21% consulting their lender.

Nearly half (46%) of respondents said they would consult their family and friends for mortgage guidance.

Numbers varied across the country with 68% of consumers in the East Midlands happy to consult a mortgage broker compared with just 44% in the North West.

The survey also found that 40% of homeowners thought the needs of their family would be the biggest influence when choosing to buy a new home, with 9% adding that spending time living in rented accommodation had forced them to delay purchasing a property.

Ben Thompson, managing director of Legal & General Mortgage Club, commented: “The results of this survey are extremely interesting when it comes to identifying where people go to get information on mortgage products.

“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.”

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