Managing banking online is pretty commonplace these days as many of us quite happily manage our day to day finances online with everything from current accounts, savings products and personal loans at our fingertips.
Nationwide Building Society has seen the number of online mortgage applications rise by a whopping 330 per cent over the past year, making it the most successful online mortgage lender in the UK.
Nationwide launched the first online bank in 1997 and now 60 per cent of all mortgages completed online in the UK are with Nationwide. The application process for new customers can be completed within 40 minutes, while existing borrowers can get a new deal in just 10 minutes. Online and telephone support is also available. It’s not just younger borrowers who are choosing the convenience of applying for their mortgage online as Nationwide sees a broad mix of customer types using the internet to either remortgage, move house or step onto the housing ladder for the first time.
Nationwide has been offering online mortgage applications since 2006. It started by offering an online decision in principle (DIP) and in 2007 the full application was added. A year later, Nationwide became the first to enable its borrowers to switch their deals entirely online. Currently 40 per cent of its customers choose the online option.
Of course, if you don’t know what sort of mortgage you need or you like to see a friendly face then the branch is still the best option for you.
Martyn Dyson, head of mortgages at Nationwide said: “We’ve been the pioneers of online mortgages and have a huge amount of expertise in this area. I’m pleased to see that borrowers like what we’ve done. We understand that people want to sort their mortgage quickly and conveniently so they get back to the more fun things in life. We’ve worked hard to make the online experience easy and hassle free. It’s another good example of how we are ‘On your side’.
“Clearly there will be people who need more help or advice and we’re happy to share our expertise in branch or via intermediaries if that’s what borrowers prefer. However, 29 per cent of our online applicants use our popular web chat service which does offer support throughout the process.”
Nationwide says there is a broad mix of customer types using the internet to either remortgage, move house or step onto the housing ladder for the first time. After all, as life gets busier and there are more demands on us, we are all looking for ways to save time.
