Abbey mortgages find new homeowners take the first loan
www.moneynews.co.uk > General finance > Abbey mortgages find new homeowners take the first loan
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Money News |
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Abbey mortgages find new homeowners take the first loan
Thu 25th Nov 2004
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A survey conducted by the bank found that 63 per cent of new homeowners accept the first mortgage offered to them, with many feeling pressured by the speed of the housing market.
More than a third (35 per cent) of first-time buyers said they felt pressure to arrange a mortgage quickly. Most of these said pressure came from estate agents telling them to act quickly or risk losing the property.
But a despite most consumers taking the first deal offered, 80 per cent of first-time buyers are happy with their deal and just one in four said that they would spend more time researching mortgages if they could do it all again.
Almost two-thirds (62 per cent) said that they would not change their mortgage rate, if given the chance.
Abbey customer director, Angus Porter, said: "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."
"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."
Pressure was greatest in the South East and London, while residents of the South West are the most confident mortgage buyers.
Related News : General finance |
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Related News : Mortgages |
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