First time buyers 'nervous' about online mortgages

17-Sep-2007

First time buyers with no experience of the property market are still nervous about arranging their mortgages online, it has been suggested, despite the practice growing in popularity.

Mortgage broker Charcol has said that prospective homeowners are unwilling to stake so much of their financial future via the newer format, not least because of the perceived lack of advice available.

Rather, going online for such purposes was more the preserve of the buy-to-let investor who is already experienced at purchasing property and is looking to lower costs, the firm added.

"With the largest financial commitment we make, a lot of people are incredibly nervous about going the whole hog and arranging their whole mortgage online," a Charcol spokesperson commented.

"It's something that is much more for the experienced buyers out there.

"It's something that is much more for the experienced buyers out there. a lot of people do tend to pick up the phone and ask for some guidance and advice," the spokesperson concluded.

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