Approximately 81% of respondents use search engines to find mortgage advice or information, a report says.
According to research from Boon Brokers, which is based on 1,000 homeowners with mortgages across all regions and age ranges, around a third – 31% – said they reported using top-ranked search engine results as their source of mortgage advice.
The report noted that there was a gender mismatch, with 40% of men using search engines for mortgage advice compared to 24% of women.
It stated that older homeowners are 60% more likely than younger ones to wrongly assume Google’s top-ranked mortgage advice is regulated.
However, nearly three-quarters – 74% – said they do not always check if the source of mortgage advice is qualified or regulated.
A further 65% of respondents said they do not consider verified regulation, such as Financial Conduct Authority (FCA) registration, a “trust factor”.
How to get your first-time buyer clients mortgage ready
Sponsored by Halifax Intermediaries
Around 43% said they were unaware that search engine optimisation (SEO) is the main driver for top search engine rankings.
The report found that 41% cited customer reviews as a key factor in trusting online advice.
Consumers may be making key financial decisions without mortgage advice access
Gerard Boon, managing director at Boon Brokers, said the research has “brought to light a critical challenge that consumers are facing today”.
He continued on to say that it was a “frightful insight into how many people are making some of the biggest financial decisions of their lives – such as buying a house – without access to clear, regulated, and trustworthy guidance”.
Boon noted that while the “utility and brilliance of search engines and the vast wealth of online resources it provides” can be appreciated, the “evolution of the competitive SEO landscape can, at times, fundamentally undermine the information and advice that should be clearly accessible for consumers”.
“The large volume of competing articles and information reflects the difficulty of regulated and trusted advice ranking at the top of consumer’s queries,” he explained.
Boon said: “I believe that it’s more important than ever that consumers have access to mortgage advice that is straightforward, transparent, and regulated. Amid the ongoing cost-of-living crisis, house market prices increasing, and the Bank of England interest rates now predicted to settle at 4.25%, many financial products are becoming increasingly complex and innovative in their response.
“Without clear and jargon-free information, consumers can easily start to fall into two categories: feeling overwhelmed and uncertain or being guided by incorrect and potentially harmful advice.”
He continued on to say that he was “both excited and cautious about how the latest advances in both SEO and AI technology will reshape the way people find and interact with mortgage advice online”.
“AI-powered search is evolving beyond simple algorithms into a more sophisticated, interpretive system that prioritises relevance and personalisation. This development presents opportunities to deliver more tailored and timely information but also demands a greater focus on accuracy, transparency, and regulation.
“To ensure that consumers receive the best mortgage advice, tailored to their situation and financial circumstance, I believe that the future of trustworthy mortgage advice will depend on combining technological progress with trusted digital literacy that promotes clear and regulated content,” he said.