Charcolonline, which already accounts for 10% of all online UK mortgage applications** estimates that its comparison tools and best-buy mortgage selections could save its remortgage customers almost £5 million this year alone. This figure is based on the number of customers who remortgaged with Charcolonline last year, multiplied by the average saving they would have gained if they had switched from an average SVR of 5.75% to a new leading rate of 4%*. It does not take into account any of the setting up costs that may be associated with remortgaging, although no broker fee is payable for arranging a mortgage online.
Russell Gould, Head of E-Commerce at Charcol, said, "It is vital that people shop-around for the best deals before committing to any financial product. The best online financial sites offer a quick and easy way of doing this. As our figures on mortgages alone show, there is a wide gap between the best and the average deals in the market."
"Many people recognise the opportunity that the web provides and this is reflected in the 200,000 plus consumers*** using Charcolonline's website every month."
2003 was also a record year for Charcolonline . Online applications through Charcolonline reached record levels in the last half of 2003 highlighting consumer confidence in both purchasing via the internet and the web site itself. As well as the introduction of a broked personal loan and credit card service to the site, Charcolonline had over £1 billion of mortgage applications and saw its overall income boosted by 45% on 2002.
Gould concludes, "Sites that have survived the dotcom boom/bust era have done so by being in touch with their customers needs and proving the benefits of their service. As a result, when it comes to financial services, internet usage has gone through the roof in recent years and for those who are confident buying online, and who don't need advice, there are lots of savings to be had."
For more information log onto to www.charcolonline.co.uk
