Applying for Mortgages Online

Research, undertaken by the Yorkshire Building Society, suggests that 95% of consumers will use the internet, at some stage, when taking out a mortgage. At the moment, 20% of respondants suggest that they are willing to complete a full online mortgage application. However, the number of people taking a mortgage out online is likely to increase in the future. 70% of respondents say they will consider taking out the full mortgage product on the internet.

This research confirms the current mortgage lending of Yorkshire Building society. They say 20% of mortgages are completed online; they also expect this % to increase in the future.

Advantages of Applying Online

• Compare many different types of Mortgages
• Compare different packages and monthly repayments
• Saves time physically visiting banks and building societies.
• Easier to find specialist mortgage providers such as Bad credit and Self Certification mortgages

Concerns of Applying Online

Some of the concerns about applying online included:

• Security concerns 19%
• Not Being able to speak to a Human
• Unwanted Pop ups. (even site pop ups can be viewed negatively)
• Lack of Updates about the progress of the Mortgage Application