UK high street bank Abbey has launched a Website where first-time buyers can correspond and share their experiences of buying a house, and flag potential pitfalls.
Abbey says the new site - www.thewordonyourstreet.co.uk - should help demystify house buying by offering advice and help from those who've done it before, or who are going through the process. The site has been launched on the back of research which shows that 17% of first time buyers aged between 16 and 34 rely on friends and family for advice on buying a home and only 13% researched which mortgage to take by visiting their bank or building society.
Nici Audhlam Gardiner, product executive for mortgages at Abbey, says "Our research shows that people are increasingly going online to research buying their home. Through setting up this community we are creating an invaluable reference for first time buyers."
The site allows users to enter their details and search for people with similar circumstances to themselves. This allows them to see the kind of mortgage they chose and why, the type of home they bought for the money and any pitfalls they experienced along the way.
While on the site, users are invited to return once they’ve completed their own house buying process to relate their story and any useful tips that they may have discovered.
As well as building a bank of personal experiences, the site will also offer short video clips of people on the street explaining the main types of mortgage in everyday, jargon free language.