Customers of Lloyds Bank, buying a property for the first time or moving home will receive a free iPad when they sign up for a mortgage.

The promotion is open to those who successfully apply for a mortgage between 7 October and 27 November.
With homeowners reportedly taking up to six weeks to get internet installed in their new home, Lloyds says the iPad will help keep their customers in touch during the first few weeks of their move.

A spokesman for Lloyds Bank, said: “Our customers have told us about the inconvenience of being unconnected when moving into a new house.

“By providing customers with a connected iPad, we’re enabling them to complete those domestic necessities very quickly, such as setting up bills, transferring money or simply surfing the internet. This should make the transition of moving into a new house even more enjoyable.”

However, personal finance expert Andrew Hagger warned, that people shouldn’t be swayed by short term gimmicks when making important long term decisions regarding their finances.

“As much as people will want a shiny new iPad, it’s the total cost of the mortgage interest and associated fees that should be the focus when selecting the best home loan,” he said.

Internet based mortgage applications are expected to rise significantly as consumers choose to deal with their finances online according to a new report.

1,700 UK homeowners were surveyed by HSBC and the bank found that nearly one in six applied for their current mortgage online.

This figure is set to double, with a more than 30 per cent of those interviewed saying they are likely to apply for their next mortgage on the web.

The research highlighted that almost 80 per cent of householders who applied online would do so again, suggesting they had a positive experience, while nearly half of those who applied in-branch would go online next time around.

Younger homeowners were the most likely to apply online – 53 per cent of 25-34 year olds plan to do so, compared to just one fifth of over-55s.

A mortgage spokesman at HSBC, said: “With current and prospective homeowners becoming more comfortable with the convenience and control of managing their finances online, and with the time taken to complete the mortgage application process reduced to just 30 minutes, it is perhaps less of a surprise that online mortgage applications are set to double.”