Online Mortgage Quotes Raise Consumer Concerns About Personal Data: Contact Status

According to a study by Contact State, consumers are increasingly concerned about the security of their personal information when comparing mortgage quotes online.

A Data Control Matters survey of 5,000 consumers found that if only 17% started their search online the last time they searched for mortgage quotes, 34% of the same adults would go online next time.

The survey results reveal that while only 54% got more than one quote before proceeding with their last mortgage, 73% would now get more than one quote.

Meanwhile, 42% said they would get at least three, showing a clear preference for comparing mortgage offers online.

However, despite the shift to selling online and the demand for quote comparisons to ensure they are getting the best deal, consumers are increasingly concerned about their data and increasingly unhappy with the how they are treated.

The vast majority of consumers have at least some concerns about sharing their data to get a mortgage quote online, with only 33% of respondents having no concerns.

Some 24% say they felt “pressured” to share their data to get a mortgage quote and 29% had a negative experience when getting a quote.

Of those who had a bad experience, 24% said it was unclear if they had to submit personal information to receive an online mortgage quote, while 24% expected to receive an online quote , but were called instead.

It also shows that 29% were contacted by a different company than the one they provided their contact details for.

For most consumers, receiving unsolicited calls as a result of sharing data online is one of the biggest problems, with 73% of consumers having received cold calls in the past 12 months.

Consumers received an average of five calls, representing a total of 193 million unsolicited calls in the UK over the past year.

More than half, 63%, of consumers would be upset if they filled out a quote form with one company, but were called by another.

Almost all, 90%, say having their number passed on makes them “concerned about their data”, while 48% who received a cold call said it made them angry and 14% felt vulnerable.

These negative experiences made 39% of people feel less willing to share their data online than five years ago and 37% admitted to having reservations about sharing their phone number to get a mortgage quote.

Thomas Brett, head of state mortgages and loans, said: “The days of getting a mortgage quote and then moving on – people want more control over their financial decisions – are over. So there is a huge opportunity for mortgage brokers to win new deals. ”

“However, our data shows that the landing pages they see when searching for quotes are becoming increasingly ‘misleading’, posing as an instant quote or calculation when, in fact, they are lead generation, and it makes them feel pretty negative about the whole experience.”

“So if brokers are buying data or leads from a source they don’t understand and the customer has had a negative experience contacting them, not only are they less likely to buy, but as a buyer of that prospect, the mortgage company/broker may well be in breach of consumer duty.”

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