Stroud & Swindon Building Society has launched a new online mortgage finder that it claims will transform the way mortgages can be selected on the internet.
Stroud & Swindon says that, in creating the mortgage finder, it has applied the best aspects of online buying experiences to the mortgage market for the first time, to create a customer-friendly tool.
The company conducted in-depth consumer research to find out the current frustrations about mortgages, which include overwhelming choice, confusing interest rates and jargon. In response to these findings, Stroud & Swindon designed its mortgage finder to make the mortgage buying experience simple, straightforward and easy.
The tool presents mortgage options in a clear and easy-to-understand format. The user is asked what house buying stage they are at, the property details and a few personal criteria such as income and employment type. Relevant Stroud & Swindon mortgages are then short-listed and compared. Criteria can be changed and amended at any stage in the process.
This is a totally new way of selecting a mortgage, said David Rodney, head of marketing at Stroud & Swindon. Through our detailed research we found that consumers were bewildered by mortgages – especially how the industry uses jargon and present APRs. All they really want to know is how much a mortgage will cost them each month. We have tried to demystify the process creating a straightforward and helpful site that consumers can easily interact with.