Non-First Time Buyers Mortgages Customer Journey 2021

This report will trace the mortgage customer journeys of consumers who were not first time buyers (FTBs) when they purchased their main home, i.e., they were non-FTBs. It considers the types of journeys undertaken and considers the pinch points along the mortgage taking process. It finally discusses what happens when the journey is over and the non-FTB journey taker becomes a customer. The report is based on research conducted in September 2011 among 539 individuals who could be classified as non-first time buyers.

Report Highlights

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

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