Key features of the mortgage customer journey for individuals who are not first-time buyers are:
- The COVID-19 pandemic has had a significant impact on the customer journeys of individuals who were not first time buyers when they purchased their homes (i.e. non-FTBs). Overall, 61% of non-FTBs who purchased their homes during the COVID years of 2020 and 2021 were impacted by COVID.
- most have a supported journey, i.e. they had some form of professional help searching for and arranging their mortgage
- For around seven-in-ten non-FTBs, their last mortgage journey can be described as a slightly or fully switched on journey, in other words, a journey primarily undertaken online – e.g., online searching for deals, online mortgage arrangement, online communications with a mortgage provider
- Mortgages remain the prime source of finance for home purchases for non-FTBs and financed, on average, 59% of the value of a new home purchase, with 98% of non-FTBs using a mortgage to pay for their home.
- The overall assessment of non-FTBs of their last customer journey would be to describe it as slightly easy. As a result, six-in-ten non-FTBs had a largely painless journey and the remaining four-in-ten had a journey involving only slight difficulties along the way.The general ease of the journey meant that the overwhelming majority of non-FTB journey takers (83%) are satisfied with the last mortgage journey they took
