More People Turning to the Web to Apply for Mortgages

Internet based mortgage applications are expected to rise significantly as consumers choose to deal with their finances online according to a new report.

1,700 UK homeowners were surveyed by HSBC and the bank found that nearly one in six applied for their current mortgage online.

This figure is set to double, with a more than 30 per cent of those interviewed saying they are likely to apply for their next mortgage on the web.

The research highlighted that almost 80 per cent of householders who applied online would do so again, suggesting they had a positive experience, while nearly half of those who applied in-branch would go online next time around.

Younger homeowners were the most likely to apply online – 53 per cent of 25-34 year olds plan to do so, compared to just one fifth of over-55s.

A mortgage spokesman at HSBC, said: “With current and prospective homeowners becoming more comfortable with the convenience and control of managing their finances online, and with the time taken to complete the mortgage application process reduced to just 30 minutes, it is perhaps less of a surprise that online mortgage applications are set to double.”