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
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