Consumers head online for mortgage advice

Published: November 14, 2007

More and more consumers in the UK are turning to the internet to get advice about potential mortgages, a new report has indicated.

According to Birmingham Midshires, 94 per cent of people now use the net to gather information about things like financial products and medical conditions.

In particular, the survey indicated that nearly a quarter (23 per cent) of consumers go online to obtain data about mortgage deals.

Nearly half (46 per cent) said that they trust the information they get over the internet about financial products.

Interestingly, one in five consumers said that they also consult their dad about mortgages.

"It is great that people now have more information at their fingertips, but it is important to remember that not everyone is the same and advice on everything from relationships to mortgages needs to be tailored to meet people’s exact circumstances," commented Tim Hague, managing director of mortgages at Birmingham Midshires.

"The internet has empowered consumers to do their own homework before they commit to a financial product."

A recent report suggested that more people opted to remortgage in September.