Tech savvy brokers will succeed

Robyn Hall

February 26, 2014

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.

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