Improving the Mortgage Customer Journey – a new IRN Research report

14 Oct 2019

82% of mortgage customer journey takers satisfied with their mortgage providers, but problems persist

82% of consumers who currently have a mortgage express satisfaction with the mortgage provider used on their last mortgage action (e.g. house purchase or remortgage). Despite these positives, this does not mean improvements cannot be made.  Some parts of the mortgage process, especially the pre-application stages/actions, i.e. those parts that take place before a mortgage holder is contacted, seem more problematic for consumers.   69% of consumers who last mortgage action was to remortgage found at least one of the stages of the mortgage process problematic, compared with 80% of main home purchasers. Compared with those who remortgaged, those buying a home seem more likely to encounter problems at the pre-application stage, when getting their application approved and at the final part of the home buying process.

Most mortgage customer journey takers like  professional help

Give the difficulties that can be encountered, among consumers as a whole, there is a clear preference for getting at least some professional help along their customer journey. 67% of consumers want to adopt a total or partial professional approach to arranging a mortgage: 37% wanting to hand over all the product searching and arrangements to professionals and 30% adopting a semi-professional or hybrid approach, managing some of the product searching and arrangements themselves but also getting professional help.

About the Mortgage Customer Journey Report

This Improving the Mortgage Customer Journey 2019 report traces the ‘customer journey’ of consumers when taking out a mortgage. It considers the process from the initial search to the release of funds and beyond, providing a detailed narrative of the mortgage process. By understanding the customer pressure points within this process, this report will enable lenders to reduce churn, improve retention and understand better the push and pull factors in an increasingly competitive market.

The findings in the report are based on a survey developed by IRN Research, with the interviews conducted by MIS Group. Interviews were conducted among 1,362 individuals who currently own a mortgage, were in the process of purchasing a home for the first time, or where highly likely to purchase their first home soon. The research was conducted in September 2019.

The report (67pp, PDF), is available directly from IRN Research, priced at £1,700. UK sterling price is plus VAT so total price is £2,040.

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Related IRN Reports

First Time Buyer Mortgages Consumer Research Report 2018 (2019 update due by end of November)

Existing Mortgage Holder Mortgages Consumer Research Report 2018 ((2019 update due by end of November)

First Time Buyers Market Trends Report 2019

Home Owners Mortgage Market Trends Report 2019

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IRN Team

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