95% of borrowers use the internet to find a mortgage

08 January 2008 / by None
95 per cent of people looking for a new mortgage will use the internet at some stage, according to new research from Yorkshire Building Society and yourmortgage.co.uk.

The data also revealed that 20 per cent of people were prepared to complete the full mortgage process online on sites like fairinvestment.co.uk, with 79 per cent saying they would consider buying a mortgage online in the future.

Internet search engines proved the most popular way if finding a mortgage site – 60 per cent of people use this method – while 25 per cent of people looking for a new mortgage deal will go by recommendation.

Once online, 27 per cent of people use the internet for research while 39 per cent actually compare mortgage deals and get a quote.

People who already have a mortgage are more likely to use the internet to find another one, but it is first time buyers that are more likely to apply online.

Those who were happy to do the whole mortgage application online, 70 per cent said being able to monitor the application was important, and 52 per cent said they would want email updates. More than half of respondents said they would like to be able to talk to someone about their online mortgage .

"The size and complexity of the current mortgage market means it is sensible for consumers to use the internet to help find the best deal for their needs," said Pauline McCallion, editor of Your Mortgage.

"With the range of tools and calculators now available online, those looking for a mortgage can conduct their own research and will often find competitive offers online," she said.

© Fair Investment Company Ltd