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Mortgages go online

Date: 01 Feb 05

Mortgages are now being agreed over the internet at an increasing rate.

As more and more people trust the web as a means of doing business, mortgage providers are now taking advantage of the lower costs.

Removing the overheads and trading online can often mean that lenders can offer better rates.

Rachel Court, head of mortgages at Yorkshire Bank, said that cost savings were easy to pass on.

"As all applications will be received electronically and the processing will be completed centrally we have been able to reflect this in the cost of the mortgage, allowing us to offer a market leading rate for borrowers who choose to apply in this way," she stated.

Yorkshire Bank launched its online only mortgage this week.

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