mortgage price comparison website mform has been launched to tap into the growing numbers of mortgages completed online.
The company says that £10bn worth of mortgages will be taken out over the internet this year and estimates that 8.9% of home loans are taken out through this channel.
Mform allows consumers to type in their details and search for the top deals. The website provides a number of filters along with explanations of early repayment charges, associated fees and how these affect the cost of a mortgage over five years. Borrowers can then complete an application dir-ectly with a lender.
For borrowers unsure about which deal to go for there is a link to London & Country, but the website is primarily designed for experienced buyers comfortable with taking out mortgages without additional advice.
Eamonn Rice, chief executive of mform, says: “The online mortgage market is one of the most attractive in retail financial services and we believe there is a gap for an organisation to provide a comprehensive and truly independent service to people looking for loans.
“A combination of the experience of our management team and the innovative nature of our proposition should mean we hit the ground running.”
David Hollingworth, mortgage expert at L&C, says: “The aim of mform is to help with direct applications. But not everybody is confident in their decision-making despite the wealth of information available online.
“The link to L&G adds another string to mform’s bow.”