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Mortgage borrowers go for online deals

24 June 2005
Online mortgages are increasing in popularity, according to research from Charcolonline.

The online mortgage broker found that the percentage of people preferring to arrange their mortgage online increased by seven per cent between April and May.

Twenty per cent of the online mortgage applications submitted in May were for buy-to-let deals, according to Charcolonline, whilst 64 per cent of the remaining residential deals were remortgages and 13 per cent for first-time buyers.

The average online mortgage borrower is male, 38 years old and taking out a mortgage for £150,000, Charcolonline found.

"The popularity of arranging a mortgage online continues to develop as more and more people become savvier about their finances," said Candice Hodgson, marketing director at Charcolonline.

"This growing knowledge is reflected in our research which has found that remortgaging leads the way. I have little doubt that the attractiveness of arranging a mortgage online will continue to increase."

The majority of online mortgage applications are made jointly, with just 12 per cent of applications coming from single females, the research discovered.

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