Consumers are increasingly using the internet to research mortgages and look for the best deals, it has been revealed.
According to Bradford & Bingley, 95 per cent of their mortgage business is brought to them by mortgage brokers, a significant number of whom are first contacted online.
However, most then shy away from actually arranging a mortgage over the internet, according to research conducted by Bradford & Bingley.
Instead, they prefer to conduct mortgage transactions face-face, as they find the mortgage process “big and confusing”.
Speaking to a mortgage adviser allows people to “know that they’re doing the right thing”, a spokesman for the building society said.
“We’ve seen little or no evidence that there is a significant move towards people actually wanting to do the final purchase of the mortgage online,” he added.
In related news, mortgage adviser Landlord Mortgages has warned buy-let landlords that they may be heading into a “financial trap” unless they ensure they are charging a higher rate of rent than their monthly repayments run to.
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