While 49 per cent of the people surveyed before starting their online mortgage shopping session said they intended to apply for their next mortgage online within the next 12 months. However, it found only 9 per cent actually managed it.
Foolproof claimed that consumers wanted to apply for their mortgages online if it was made easier. Its data suggested that 64 per cent of borrowers expected to apply for their mortgage online in 2016.
The survey found that people cited the internet as the most popular source of information for mortgages, with 80 per cent saying they would use it. However, people’s high expectations of the internet were deflated by the poor quality of content they found when searching websites.
Tom Wood, managing partner at Foolproof, explained: “Online shoppers’ first port of call is usually a search engine, which provides listings that are largely irrelevant and inappropriate. Comparison sites top the listings, hijacking shoppers looking for well-known brands and taking them to sites where they ask for personal details for telephone sales.”
Foolproof claimed that even when shoppers found their way to major lenders’ sites, they were often let down with jargon.
Simon Webster, managing director at Facts & Figures Financial Planners Ltd, said: “It’s insane to think of taking out one of the biggest financial commitments of your life without seeking advice from an adviser. I have been in the business for 25 years and even I can find it confusing and frustrating.”
