Consumers have growing concerns about the security of their personal information when comparing mortgage quotes online, according to research from Contact State.

A survey of 5,000 consumers conducted by Data Control Matters found that while just 17% began their search online the last time they looked for mortgage quotes, 34% of the same adults would go online the 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 deals online.

However, despite the shift to online and demand for quote comparisons to ensure they are getting the best deal, consumers have growing concerns about their data, and are becoming increasingly unhappy with the way it is being handled. 

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

Some 24% say they have felt ‘forced’ to share their data to get a mortgage quote and 29% had a negative experience when getting a quote.

Of those who have had a bad experience 24% said it was unclear whether they would have to submit personal details 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 company different from the one they submitted their details.

For most consumers, receiving unsolicited calls as a result of sharing data online is one of the biggest issues with 73% of consumers have received cold calls over the last 12 months.

Consumers received five calls on average which across the UK is a total of 193m unsolicited calls in the last year.

More than half, 63%, of consumers would be unhappy if they filled in a form for a quote with one company, but were called by a different one.

Almost all, 90%, say the fact their number has been passed on makes them feel ‘concerned about their data’ while 48% who received a cold call said it made them feel angry and 14% feel vulnerable.

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

Contact State head of mortgages and lending Thomas Brett says: “Gone are the days of getting one mortgage quote and then proceeding – people want to take more control of their financial decisions – so there is a huge opportunity for mortgage brokers to win new business.”

“However, our data shows that the landing pages they are seeing when they search for quotes are becoming increasingly ‘deceptive’, presenting themselves as an instant quote or calculation when in fact, they are lead generation pages, and this is causing them to feel quite negative towards the entire experience.”

“So, if brokers are buying data or leads from a source they don’t understand, and the customer has had a negative experience getting to them, not only are they less likely to buy, but as the buyer of that lead, the mortgage firm/broker could well be in breach of the Consumer Duty.”