First-time buyers increasingly head online for mortgage help
In an era where much of modern life is conducted online, it’s perhaps no surprise that first-time buyers are increasingly heading to the web when it comes to the mortgage process.
New research has highlighted the most common search terms that first-time buyers use when searching for information, while a revolutionary mobile app is set to change the way that buyers arrange their mortgage.
Common first-time buyer search terms revealed
New research has highlighted the search terms that first-time buyers are typing into Google in order to help them get onto the property ladder. Analysts Strata have revealed the ten most common queries from first-time buyers in the last 12 months, using average monthly search figures.
“What is a mortgage?” and “How to buy a house” are among the most commonly searched questions, while around 28,800 people in the East region asked the popular search engine how much they could borrow. “How much is stamp duty?” and “How to get a mortgage” were other common searches. “How long does it take to buy a house?” received around 1,320 searches, while questions about Help To Buy, stamp duty land tax and interest-only mortgages attracted an average of 1,800 searches collectively.
Gemma Smith of Strata says: “Most first-time buyers have an endless supply of questions and are entering into a minefield of unknowns with vast numbers of people anonymously seeking answers to their home-buying questions on Google. In fact, these figures prove that many first-time buyers are not aware of the help that is available to them, whether that is an independent mortgage advisor, an estate agent or a new homes manager.”
Mortgage ‘app’ set to arrive in 2017
While first-time buyers may be heading online for help in getting to grips with the mortgage process, applying for a mortgage virtually could also be just around the corner.
Online mortgage broker Trussle and money app Revolut have announced that they are to join forces in order that people can begin a mortgage or remortgage application through a mobile app. The businesses claim that this will be an industry first, although they face a race against time with virtual adviser Mortgage Gym who has also said it will launch this summer with a promise that homebuyers will be able to complete their mortgage online in just 15 minutes.
“The digital revolution in the mortgage industry is finally happening,” says Trussle chief executive Ishaan Malhi, pointing out that the digital revolution happened long ago for other sectors, notably the taxi industry. “The mortgage industry has been backwards and broken for many years now, it hasn't changed in many decades.”