Mortgage Boom - or Bust. Page 2

"We believe that the online mortgage market is ready for strong growth in a similar way to the

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increase in recent times of grocery, music and book shopping online," said David Dyer, commercial director for Direct Line Mortgages.

"Many people realise that the best way to achieve value for money is to go online, as they do currently when taking out a personal loan. That same philosophy will increasingly apply to buying your mortgage," he added.

Although people looking for a mortgage appear to value direct personal contact in the initial stages of the mortgage process, Direct Line see consumers' beginning to make the switch towards internet providers. Following the preliminary advice, consumers are starting to do their own research on the best deals online, through mortgage comparison sites like Moneynet, rather than simply accepting the deals available through the highstreet channels. Large banks such as Barclays and the major mortgage companies which maintain online facilities, along with ultra competitive smaller online mortgage providers are liable to be the biggest winners from the shifting attitudes.

Analysts are however doubtful whether house prices can continually sustain these patterns of strong increases for any extended periods. The affordability of property purchasing has, for many prospective buyers, already been affected adversely by the long term ( life insurance quotes ) increases in house price inflation which has again reverted to above average earning growth levels. Many industry forecasters are again pointing towards the concerns expressed by housebuyers, especially first time buyers, as evidence of an expected rise in UK interest rates by the year-end.

Disclaimer:

All information contained in this article, is for general information purposes only and should not be construed as advice under the Financial Services Act 1986.
You are strongly advised to take appropriate professional and legal advice before ( life assurance ) entering into any binding contracts.