A QUARTER of first-time buyers say they would use the internet to get information when trying to arrange a mortgage, research claimed today.

Around 26% of people planning to buy their first home said they would go online to find out about different types of mortgage and search for the best rates, according to Alliance & Leicester.

Nearly three-quarters said they would use the internet because it was the most convenient way to get information, but just 3% said they would use it because it would enable them to get a better mortgage deal.

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However, the majority of first-time buyers still prefer to get face-to-face advice, with 39% saying they would talk to a mortgage lender or financial adviser about a home loan, while 20% would turn to family or friends to help them find the best mortgage.

People in London are most likely to be happy looking for information on mortgages over the internet, with 30% saying they would go online, while Scots are most likely to want face-to-face advice, with 43% preferring to talk to someone about their home loan.

Paul Cooper, head of mortgages at Alliance & Leicester, said: "It's encouraging to see that first-time buyers are tapping into the wealth of information available on the internet to find a great deal from a reputable lender.

"The findings show that they recognise that this is a convenient and straightforward way of gaining information to compare mortgages.

"However, it is interesting to note that only a small minority are aware that they could benefit from better deals by going online." Tweet