Tech savvy brokers will succeed
Startlingly the IT software company also revealed that around five out of ten mortgage brokers do not even have their own website.
Penn said: “This is particularly staggering as nine out of ten people search online for mortgage rates before selecting a product.
“Marketing yourself to appeal to the internet generation is an opportunity not to be missed.”
He argued that these brokers are missing out on crucial business, especially as there was a 37% increase in first-time buyer mortgages in December 2013 due to the Help to Buy scheme.
The entire mortgage market grew 49% this December on last year, while 63% of first-time buyer’s will use a mortgage broker.
While the internet is the first point of call for the current generation of potential house buyers, less than 5% complete the transaction online.
Penn added: “This presents a great opportunity for mortgage brokers who do have websites to attract this group of tech savvy potential customers.”
The data was compiled from around 1400 brokers.