Internet used by 19 out of 20 people mortgage-hunting

by Richard Kilner

Story link: Internet used by 19 out of 20 people mortgage-hunting

The Yorkshire Building Society has conducted research demonstrating that 19 out of 20 people will use the internet in some way when purchasing mortgages.

A fifth will use the internet for both browsing and purchasing their mortgage.

Almost four-fifths of those questioned said that they would think about using the internet for buying their mortgage in the future.

The two largest worries about using the internet for this purpose were pop-up advertising and anxieties relating to security, both of which were mentioned by around a fifth of respondents.

The internet can be a valuable tool in searching or purchasing a mortgage, as it easily allows the consumer to browse a broad range of products, acquire quotes or even go through the entire process of purchasing their mortgage online.

Most consumers prefer to use the internet in a limited capacity, with just over a quarter of those surveyed using it purely for research and almost two-fifths proceeding to get a quote online.

First time buyers are the most likely to use the internet for the entire process; consumers already with a mortgage tend to be more interested in browsing and possibly getting a quote online.

Both first time buyers and those who presently have a mortgage have a good understanding of the time-consuming nature of buying a mortgage online, with close to three-quarters fully expecting to spend over an hour on the computer.

Following an application for a mortgage, over half of respondents were pleased with e-mail updates as to their application’s progress, and seven-tenths desiring the facility to check their application’s progress online.

However, over half also said that they would like to be able to speak to somebody about the process, whether through the telephone or by a meeting in a branch.