Mortgages  

L&C online tool attracts £2.6bn since launch

L&C online tool attracts £2.6bn since launch

London & Country Mortgages has reported its online mortgage finder received more than £2.6bn in mortgage applications since its launch last year.

The broker’s online tool allows users to input personal financial information and loan requirements to find a selection of available mortgage deals.

Since its launch 12 months ago, the majority of the tool’s users searched for a residential mortgage while one in seven looked for buy-to-let products - half of these customers were searching to remortgage and a third were first-time buyers, L&C said.

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David Hollingworth, associate director of communications at L&C, said the mortgage finder tool was giving customers what they need.

He 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.

"Interestingly a wide range of age groups are also embracing this technology and using the tool, which demonstrates the broad appeal of the finder and the ease with which it can be used."

L&C found its mortgage finder to be most popular with those aged 31-40 years old, with 43 per cent of customers in this age group.

But the use of the online tool was still popular with the slightly older demographic, with 24 per cent of users being 41-50 years old.

rachel.addison@ft.com