The internet is playing an increasingly significant role in the mortgage application process, new research has found.
The internet is playing an increasingly significant role in the mortgage application process, new research has found.
However, the study by Yorkshire Bank and yourmortgage.co.uk found that while 95 per cent of homebuyers use the internet at some stage, only 20 per cent were prepared to complete a full application electronically.
More than a quarter (27 per cent) said they would use the web purely for research. A further 39 per cent said they would go as far as the quote stage.
"The size and complexity of the current mortgage market means it is sensible for consumers to use the internet to help find the best deal for their needs," said Pauline McCallion, editor of yourmortgage.co.uk.
"With the range of tools and calculators now available online, those looking for a mortgage can conduct their own research and will often find competitive offers online."
Lenders expect to see homebuyers become increasingly confident about using the internet and predict the proportion prepared to make a full application electronically will gradually rise.
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