The results from the research echo recent unprecedented demand experienced by Evaluate as increasing numbers of intermediary firm’s have registered their interest in beefing up their online presence. The stats also suggest that consumers are not getting what they need from incumbent mortgage comparison solutions. This is illustrated by comparing the 8.8 million search figure to the recent CML mortgage completion levels of 35,600 for April.
As the internet proves itself the primary research channel for consumers, these figures highlight the interest stimulated by the mortgage market and the huge potential of online solutions for brokers and IFAs who embrace a strong, accurate and up-to-date online presence.
These figures also reflect recent data from Infoserve, one of the UK’s leading online search specialists, which has tracked a huge surge in people looking for mortgage brokers on the internet. Data from Infoserve’s local search directories, which receive 32 million hits a month, has recorded a 94 per cent increase in the number of searches for ‘mortgage advisers’ since September 2008.
Paul Fradgley, CEO at Evaluate Technologies, said: “This is staggering statistic when you consider the number of actual mortgage applications generated,. Indeed it’s not far from the total for all insurance categories, which generated thirteen and a half million searches across the same period.
The high ratio of searches to transactions is a strong indication that consumers are generally not getting the experience they were looking for; namely a solution that mirrors the car insurance comparison proposition they see advertised on television continuously. Consumers want an online mortgage comparison solution that generates an unbiased and comprehensive list of products that they actually qualify for so that they can have an informed discussion with a professional adviser. Unfortunately, they rarely find this, to the detriment of consumers
“A world of opportunity is available to forward thinking brokers and IFAs able to offer them what they want. In the current financial climate, it is impossible to ignore such potential and those who align themselves with the right solution will ensure they are perfectly placed to pick up on these millions of enquiries.”
