Mortgage brokers are being warned they are in danger of losing clients if they don’t take advantage of online opportunities.Research from Foolproof, a web usability company, finds there are certain critical points in the online mortgage shopping process that are make or break moments for intermediaries. But the research uncovers some encouraging findings for brokers. It shows that despite using the internet as part of their mortgage shopping process, more than half, 55%, of online shoppers would talk to a broker and 45% would visit a lender’s branch before making a decision. Foolproof’s Online Finance Shopping Survey on mortgages says that online mortgage shoppers typically consult the web at least two or three times before making a decision. Some 30% would then expect to actually buy online whereas around half, 47%, would continue to research mortgages online but would not be ready to purchase. Tom Wood, managing partner of Foolproof, says: “Shoppers are using the internet initially as a research tool to build up their mortgage knowledge before consulting a broker. “Armed with their new- found knowledge, online shoppers are comfortable visiting an adviser. “But brokers must recognise that once they have given their recommendations, shoppers will return to the internet to verify that information. “It is at this point that shoppers may have their attention diverted by other brokers’ or lenders’ websites and the intermediary could lose the sale.” Wood adds: “It’s critical that brokers form a really strong relationship with shoppers at an early stage to ensure they keep the sale. It also helps to have a strong web presence that they can refer their clients to as a secondary source of information and reassurance. “Currently, the paucity of good, informative mortgage websites means people are going back to brokers because there is little online alternative. “But soon, as websites improve, shoppers will have better online options and brokers will start to lose out. They must claim their own space on the net now.”
- Top trends
A three-page form to help pensioners claiming help with Council Tax has been launched by James Plaskitt, minister for benefits, today. Plaskitt says the new form is part of the government’s commitment to making sure that extra money gets to the people who need it most. Speaking at the IRRV conference in Manchester, Mr Plaskitt […]
The government is failing to protect consumers fully with its Consumer Credit Bill, which begins its second reading in the House of Lords on Monday October 24, warn credit information experts at checkmyfile.com.The Bill seeks to update the 30-year-old Consumer Credit Act by tackling problems the government has identified, such as forcing credit providers to […]
An urgent conference to help the residential sector plan for the launch of Home Information Packs is to be hosted on November 8 by the Property Information Systems Common Exchange Standard.The event – entitled “Taking the Pain out of HIPs” – is designed to highlight the need for a single data standard as the HIPs […]
There is still room but the extent to which new players are successful will depend on factors such as efficiency and service, say our experts
“Nothing tastes as good as skinny feels,” said supermodel Kate Moss, who is not often credited for her insights into policy making. Perhaps she should be. In politics, as in matters of diet, the course of action that is the best over the long term is often not the most desirable course of action in the short term. Add the instant gratification of the democratic electoral cycle and, instead of good policy making, you sometimes get the equivalent to a midnight binge in front of the fridge.
The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.
News and expert analysis straight to your inboxSign up