Brits turn to search engine giant for information on the mortgage crisis
Amid rising mortgage rates that continue to worry homeowners and potential homebuyers, Brits are apparently turning to the Google search engine to find the much-needed help and support.
Analysis of Google search data by mortgage broker L&C Mortgages has revealed that searches in the UK regarding the mortgage crisis are skyrocketing, with terms such as ‘mortgage help’ increasing by a whopping 1,366% in the past seven days.
The UK public’s Google search for ‘mortgage support’ has also seen a 213% increase in the past 30 days, while the phrase ‘how to afford mortgage’ has gone up by 324% and the term ‘remortgage’ by 106% in the past month.
L&C Mortgages noted that Brits also enquired of the search engine giant ‘when will interest rates go down’, with the question seeing an enormous 487% search increase, while ‘when will mortgage rates go down’ recorded a 268% spike in the past 12 months.
Earlier this week, data provider Moneyfacts has reported that the average two-year fixed residential mortgage rate has climbed to a 15-year high 6.66%. The average rate for a five-year fix also surpassed 6% last week.
These, along with the Bank of England’s consecutive base rate hikes, had borrowers worried about paying their mortgages, possibly leading to a 186% jump in searches for ‘how to pay mortgage’ in the past month.
Renters are also feeling the financial pressure as buy-to-let landlords pass on the effect of higher mortgage repayments, leading to increased rental payments. Searches on ‘rent increase’ in the UK rose by 235% over the past five years, L&C Mortgages pointed out.
“The past few weeks have seen the rising mortgage payments and high interest rates make front page news, with these increases pressuring the finances of millions of borrowers in Britain, triggering a surge of uncertainty about where interest rates will go next,” L&C Mortgages stated.
“However, the latest news has now caused a surge of online interest in those looking to get more information and help on mortgages, interest rates, and rent, highlighting the massive impact of the cost-of-living crisis on the British public.”
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