Consumers Risk Unregulated Mortgage Advice as Search Engine Rankings Trump Expertise, Boon Brokers Warns
A new study by independent mortgage broker Boon Brokers has found that UK homeowners are increasingly relying on high-ranking online content for mortgage guidance, often without checking whether the source is qualified or regulated.
The survey of 1,000 mortgage holders across England revealed that 81 per cent turn to search engines first when seeking advice, yet 74 per cent do not always confirm the credentials of the information they read. Almost two-thirds (65 per cent) admitted that Financial Conduct Authority (FCA) regulation does not figure prominently in their trust criteria.
The findings highlight a widespread misconception about how search results are generated. Forty-three per cent of respondents were unaware that search-engine optimisation (SEO) – rather than professional expertise – determines which sites appear at the top of Google rankings. Nonetheless, 31 per cent said they take advice directly from these top-ranked links.
Visibility over credibility
Positive customer reviews emerged as the biggest influence on trust, cited by 41 per cent of respondents, ahead of personal recommendations (39 per cent). By contrast, verified regulation trailed behind, raising concerns that popularity is being mistaken for authority.
The effect is most pronounced among older borrowers: homeowners aged 55 and over were 60 per cent more likely than younger counterparts to assume that the highest-ranked mortgage guidance online is regulated. Gender differences were also marked, with 40 per cent of men – compared with 24 per cent of women – relying on search engines for advice.
A convenience culture with hidden costs
Boon Brokers’ research suggests that the speed and ease of online searches are eclipsing caution. While house fires have fallen to record lows and financial literacy campaigns have grown, the study indicates that unverified digital advice poses a new form of risk: “When one decision can shape your finances for decades, trust can’t be built on popularity alone. It must be grounded in genuine expertise, transparency, and regulatory accountability,” said Gerard Boon, managing director of Boon Brokers. “While we all appreciate the initial glam and usability of online sources, consumers need to go beyond this to start asking whether the source of advice is approved, regulated, and qualified.”
Despite widespread internet use, nearly half of those surveyed (45 per cent) had not consulted a regulated mortgage broker or financial adviser. Boon Brokers warns that relying on algorithm-driven rankings and glossy reviews is analogous to seeking medical treatment based on social-media likes.
Recommendations for borrowers
To combat misinformation and safeguard long-term financial health, the report advises consumers to:
- Verify that any adviser or firm is authorised by the FCA.
- Cross-reference guidance with multiple reputable sources.
- Question advice that appears overly generic or persuasive.
- Remain alert to trending buzzwords and viral posts that prioritise clicks over accuracy.
Read more about the research here
