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Consumer Home
20 March 2006
First-time buyers in the UK spend over 46 days deciding on a mortgage, an equivalent of £4,600 in time cost based on average earnings, according to research.
Londoners take even more time to decide on their mortgage, an average of 52.6 days (£5,260), while re-mortgagers spend just 27.1 days (£2,710), according to figures from Standard Life Bank.
The bank found that 64 per cent of mortgage hunters found mortgage hunting confusing, with people spending more time searching on the internet than speaking to financial advisers.
The bank has responded to this confusion by launching a range of more than 25 online movies, dubbed Freestyle+, aimed at making it easier for customers to find their mortgage.
"We know the property buying process can often be daunting so we developed Freestyle+ to help guide people through what is the most important purchase they will ever make," said Andrew Boddie, head of marketing at Standard Life.
"Freestyle+ is like an arm around the shoulder. You can find out all there is to know about the mortgage process without feeling silly for not knowing the answers."
Research divided mortgage hunters into four behavioural categories, ranging from Mortgage Sleuths (29 per cent), who do thorough research when searching for a mortgage, to Mortgage Sloths (18 per cent), who just take the easiest option.
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