You are here: Home - Mortgages - First Time Buyer - News -

One in two Brits would get a mortgage online or via an app

Written by:
More than half of Brits are comfortable applying for a mortgage online or via an app, research shows.

A study of 1,000 people by comparison site NerdWallet found 54 per cent would be happy getting a home loan without any human interaction or speaking to an adviser.

This figure rises to 58 per cent among 25 to 34-year-olds, and 68 per cent among 35 to 44-year-olds.

Older borrowers are also becoming more confident with digital banking. More than a quarter (27 per cent) of those aged 45 to 64, and two in five (41 per cent) of those aged 65 and over said they would be comfortable taking out a mortgage online.

According to the research, this trend is part of a wider move towards the ‘digitisation’ of the high street.

Three in five (60 per cent) Brits said they would now consider a bank with no physical branches, and 40 per cent felt prepared to have a digital-only bank as their one and only provider.

Almost a quarter (23 per cent) said they would want both a digital and traditional bank with brick-and-mortar branches.

Although more than one in four (28 per cent) people surveyed were influenced to select a bank because of convenient access to a branch, more than a third (38 per cent) claimed they selected a bank based on convenient access online.

Almost a quarter (24 per cent) wanted their bank to have an app for convenience.

Denise Ko Genovese, a senior personal finance expert at NerdWallet, said: “A large percentage of younger adults are already comfortable applying for a mortgage online, but there is still more work for lenders to do.

“If banks can use their websites and apps to make more information and advice available, while smoothing out the application process, this can go some way to closing the mortgage knowledge gap for current and future generations, so that securing a mortgage online becomes second nature.”

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.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week