You are here: Home - Uncategorized -

Online only mortgages set to take off

0
Written by:
15/06/2006

The online mortgage market is set to take off, as more than 80% of people anticipate that online mortgages will become more popular, Direct Line has claimed.

New research from the direct mortgage lender has 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 deal available.

The Direct Line Online Mortgage Index showed that of people currently looking for a mortgage, 35% still valued personal contact to help them with the process, with 35% making mortgage brokers their first port of call and another 28% visiting their local bank.

Yet once that initial contact had been made, some 52% researched the best deals online. Another 26% said they were likely to apply for a mortgage online, and 86% of those said they would do this as they could easily compare deals with other lenders. Additionally, of those willing to apply online, 78% said they would do so because it was convenient.

Some 46% also said they would be likely to take out an internet mortgage if it was cheaper, demonstrating that the online mortgage market is ripe for growth.

On the back of this research, Direct Line has launched its first online only mortgage. The Direct Line online only mortgage is a two year tracker mortgage at the competitive rate of 4.19%, which reverts to a long term tracker rate of 6%.

David Dyer, commercial director for Direct Line Mortgages said: “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.

“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. That same philosophy will increasingly apply to buying your mortgage,” he explained.

He added that it would be offering money saving deals to all of its customers. Direct Line’s Online Only Mortgage is available for both new and existing customers and for new purchasers and those looking to re-mortgage.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
House prices show strongest rise in two years

House prices have soared by the highest levels in two years, buoyed by consumer confidence, The Royal Institution of Chartered...

Close