An online mortgage broking tool which allows borrowers to locate deals for which they are eligible has received £2.6 billion worth of applications since it was launched.
L&C’s Mortgage Finder service has been a particular hit with borrowers in their thirties, who represent 43% of the portal’s users in the last 12 months.
However, with a quarter of visitors being in the 41 to 50 age bracket, it would suggest all customer types and ages – from first-time buyers to more mature remortgage customers – were taking their search for a mortgage online.
Launched a year ago, the Mortgage Finder, is available across all devices and enables customers to enter information about their personal finances as well as their loan requirements to find a borrowing amount and deal to suit their needs.
It takes into account the criteria used by over 80 lenders to decide which customers are eligible for their deals. This, combined with each customer’s unique information, provides tailored results for each user.
Results come through in real time, and as customers enter each piece of information options become more refined.
Eligibility insights
David Hollingworth, from L&C, said: “We designed the online journey to allow customers to easily see how much they could borrow, and the sorts of deals they may be eligible for – as we know that consumers are very interested in access to this information.”
He added: “L&C’s Mortgage Finder portal goes further than just producing tailored results, by providing insights into why a customer is perhaps not eligible for some lenders’ deals – and enables them to choose to speak to an expert adviser at any stage.
“While technology is a huge enabler, we recognise that it’s important to maintain the human element. Although an enquiry can be completed in full online, our experienced advisers are always on hand to assist.”
Mortgage Finder is available for both buy-to-let and residential borrowers and will help in the search for mortgages and remortgages.
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