Internet fuels mortgage lending
8 October 2003
The Internet is becoming an increasingly common source of mortgage lending throughout Europe and the UK, according to the results of new research.
Figures from Forrester indicate that Europeans will use the Internet to secure 500,000 mortgage loans by the end of 2003, some five per cent of total new mortgages.
This figure is expected to triple to 1.6 billion applications by 2008, some 230 billion euros (£163 billion) worth of mortgage loans.
These statistics suggest growing confidence in online banking, with individuals using a wider variety of online services than in the past. Forrester analyst Charlotte Clark explained how this trend would affect the UK:
'The number of UK Internet-originated mortgages will grow to twice that of the next largest market -- Germany -- by 2008, spurred by a much higher proportion of owner-occupied homes in the UK than in Germany,' she said in a statement.
The largest proportions of Internet-originated sales were found in Sweden, Norway and Finland, each having over ten per cent of the overall mortgage market attributable to online applications.
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