Direct Line issues online-only mortgage

16 June 2006
Scheduled for release this Friday (16 June), Direct Line is offering customers on the internet its first web-only mortgage product.

Research by the company revealed that nearly twice as many people would be likely to apply for a mortgage online if they could be sure they were getting the cheapest available deal.

In addition, customers and lenders alike are beginning to see that online mortgages may be about to rise in popularity. Nearly 80 per cent of respondents to the same survey thought the online mortgage products were set to boom in the near future.

"We believe that the online mortgage market is ready for strong growth in a similar way to the increase in recent times of grocery, music and book shopping online," said David Dyer, commercial director for Direct Line Mortgages.

"Many people realise that the best way to achieve value for money is to go online, as they do currently when taking out a personal loan," he continued. "That same philosophy will increasingly apply to buying your mortgage."

Direct Line's new online-only mortgage is a two-year tracker at 4.19 per cent, reverting to a long-term tracker rate of six per cent after the introductory period.

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