Non-FTBs mortgage customer journey
29 Oct 2021
Six-in-ten recent Non-FTBs mortgage journey takers affected by COVID
IRN Research have released their new report Non-First Time Buyers Mortgage Customer Journey 2021. The COVID-19 pandemic has had a significant impact on the mortgage 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.
The report also found that most non-FTBS have a supported journey, i.e. they had some form of professional help searching for and arranging their mortgage. Also 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
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.
About the Report
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.
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