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London and Country’s online mortgage tool takes £2.6bn of applications in first year

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  • 15/08/2018
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London and Country’s online mortgage tool takes £2.6bn of applications in first year
London and Country’s online mortgage tool has had more than £2.6bn worth of mortgage applications since its launch 12 months ago, the broker said.

 

The Mortgage Finder is available across all devices and allows borrowers to find a suitable mortgage deal by putting in personal information and loan requirements.

Users can choose to speak to an adviser at any time.

L&C data showed more than eight of 10 customers using the tool were looking at residential property with half remortgaging and a third looking to buy their first home.

The tool was found to be most popular with those aged between 31 and 40 years old, while a quarter of users were between the ages of 41 and 50 years old.

The broker said the findings suggested all customer ages and types were beginning their search for a mortgage online.

 

80 lenders

Borrowers using the Mortgage Finder are matched against 80 lenders to return tailored results based on eligibility criteria.

Results are updated and become more refined as more information is supplied.

David Hollingworth associate director communications at L&C (pictured) said: “We designed the online journey to allow customers to easily see how much they could borrow, and the sort of deals they may be eligible for – as we know that consumers are very interested in access to this information.

“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 the enquiry can be completed in full online, our experienced advisers are always on hand to assist – drawing on our heritage and experience as a leading broker and combining it with technology.”

 

In-house development

The Mortgage Finder was developed by L&C’s in-house development team and the platform also caters for buy-to-let borrowers.

Two-factor authentication allows borrowers to save their enquiry at any stage and return to complete it at a later time that suits them.

All data captured through the enquiry stage is then also available for customers in a bespoke lender application form, avoiding the customer having to re-enter any information later.

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