7 May

Buyers opt for online mortgage apps

Buyers opt for online mortgage apps

There has been an increase in the number of property buyers making mortgage applications online.

According to research from bank HSBC, one in six buyers apply for their home loan via the internet and a third are planning to use the web when it comes to their next mortgage application.

Those polled by the survey revealed increasing numbers of people are becoming more comfortable using technology rather than face-to-face meetings with financial advisors.

Younger property purchasers are more likely to opt for the online application route, with 50 per cent of those aged 25-34 planning to use the internet compared to 19 per cent of those aged over 55.

"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," explained Peter Dockar, head of mortgages at HSBC.

Last month, the Financial Conduct Authority introduced new mortgage application rules that will aim to ensure borrowers can meet repayments if their circumstances change or interest rates rise.ADNFCR-1222-ID-801718264-ADNFCR

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