UK consumers are showing an increasing preference to deal with their finances online, the research from HSBC reveals. Some 63% believe it to be quicker, 54% think it is more convenient and 43% think it is cheaper.
For their next purchase some 69% also expect to apply for insurance policies online and 56% for savings accounts, the survey of over 1,700 householders also shows.
And a significant majority, 74%, of existing mortgage holders applied for their current mortgage face to face with an adviser.
With the advent of new mortgage rules, the bank says it is clear that consumers still value advice with 47% of home owners who expect to remortgage planning to speak to an adviser face to face for their next application.
‘With current and prospective homeowners becoming more comfortable with the convenience and control of managing their finances online, and with the time taken to complete the mortgage application process reduced to just 30 minutes, it is perhaps less of a surprise that online mortgage applications are set to double,’ said Peter Dockar, head of Mortgages at HSBC.
‘However, a mortgage is often the biggest financial decision anyone is likely to take in their lifetime so qualified advice remains of significant importance to the householders we polled,’ he added.
Almost four out of five householders who applied online for their last mortgage would do so again, suggesting they had a positive experience. Of those who applied in-branch for their last mortgage, 44% would make their next mortgage application online, compared to 46% of those who applied for their last mortgage via the telephone.
Younger home owners are the most likely to apply for a mortgage online, with 53% of 25 to 34 year olds planning to do so compared to 19% of over 55s.
Londoners came out on top as most likely to use an online DIY mortgage process with 38% saying they would do so.
