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Mortgage article 12:Mortgage Market is Focused on Customers and Costs, Research Reveals
16 April 2002
Fewer people than expected are using the internet to take out a mortgage, according to newly published research by the CML into the changing structure of the UK mortgage market. While the internet is highly popular with customers for gathering information and comparing products, the number of online mortgage applications is low. But the advent of the secure electronic signature could trigger a significant increase.
The CML research says the emergence of the internet helped encourage new entrants into the industry and led to significant investment in technology to make online mortgage applications. But customers still want face-to-face contact when making a large-scale financial commitment and many new entrants to the industry are now re-assessing their need for a high street presence and targeting mortgage intermediaries for new business.
The research, undertaken in conjunction with KPMG, concludes that overall the UK mortgage market is undergoing fundamental change and becoming a more diverse industry. It is adopting key features from overseas markets, combined with new ideas and approaches developed by UK lenders. Organisations are specialising increasingly in different activities within the industry in a bid to drive down costs in what remains a highly competitive sector.
Other trends identified in the research include: Next page
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