There was a surge in the number of people searching for a mortgage last weekend, something which is being attributed to the Conservative’s general election win.
Analysis by online mortgage broker, Habito, revealed online searches for mortgages soared by 113% on Saturday 14 and 15 December, compared to the previous weekend.
Meanwhile Google searches for ‘mortgage calculator’, which is the tool people use to determine how much they will need to borrow to buy their home, increased by 225% over the same period.
Daniel Hegarty, CEO of online mortgage broker, Habito, said: “The Conservatives’ resounding victory seems to have already given many customers the confidence to at least think about their home plans.”
He said the website had seen a ‘marked’ jump in both Google searches and its own website traffic from all types of borrowers – first-time buyers, next-time movers and buy-to-let landlords.
Hegarty added: “It seemed that many would-be homebuyers buoyed by the result, used the downtime just before next weekend’s Christmas shopping rush, to speak to an expert about their home buying and financing situation.”
More than a third of people quizzed by Habito in late November said they felt less positively about their personal finances, compared with six months earlier.
Habito said it would wait and see whether the initial surge of interest was backed up by people feeling more positive following the election and the certainty it had introduced.
Mortgage searching tips
Habito offered advice on how to start your mortgage search. It suggested, first of all, to use a mortgage calculator tool to find out how much you can afford.
If you pick one which takes into account any fees or taxes such as stamp duty, this will offer a more accurate figure of how much you will need to set aside.
Using a broker which covers the ‘whole of the market’ is also a good idea, said Habito, as they can help you find the right deal from all the 20,000 deals out there to make sure you get the best one for your circumstances.
Finally, make sure you don’t just look at the interest rate, check out the extras too such as cashback, free valuations or higher products fees.
Habito warned to watch out for suspiciously low rats and to base your choice on ‘true cost’ with all the fees and incentives added in.”
