Thousands search for mortgages online

Thousands search for mortgages online
Over 16,000 homebuyers have made mortgage applications using L&C’s online Mortgage Finder service since June last year, borrowing more than £3bn.

The online service is designed to make it easy for homebuyers and those looking to remortgage to compare the latest mortgage deals and find out which they’ll qualify for, with no need for a credit check.

How the service works

All you need to do to use the service is to enter your personal financial details along with how much you’re looking to borrow, and the service comes up with a range of mortgages to suit you. It will also give some insight into why you might not be eligible for some deals, for example, perhaps because you need a bigger deposit to qualify.

Once you’ve found a deal you want, you can then apply for the mortgage online or by phone and track your application online anytime you want to.

David Hollingworth, spokesman for L&C said: “Although the enquiry can be completed in full online, our experienced advisers are always on hand to assist – drawing on our heritage and experience as a leading broker and combining it with technology.”

Online mortgage searches popular with all age groups

Both young and older borrowers are using the Mortgage Finder service to help them track down the best mortgage deals.

Although the service appeals to people of all ages, it is most popular with those aged between 31-40 years old, with nearly half (43%) of customers in this age group, whilst a quarter of users (24%) are aged between 41-50 years old.

Buy-to-let borrowers also catered for

One of the things that differentiates L&C’s Mortgage Finder service from other digital mortgage services is that it enables landlords to search for buy-to-let deals. Often only residential and remortgage customers are catered for.

According to research by L&C, one in seven customers (14%) are looking for buy-to-let mortgages, whilst 86% are looking for mortgages for residential property.

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