"It is really interesting to see the importance assigned by borrowers to a fast and frictionless mortgage process."
- Stuart Cheetham, CEO at MPowered Mortgages
New research from MPowered Mortgages shows that having the cheapest mortgage rates and a smooth mortgage process is significantly more important to borrowers than using a lender that they are familiar with.
In a survey of 704 brokers, 468 brokers said that ‘finding the best rates’ was the most important thing to their clients, while a further 215 said their clients prioritised a quick and seamless process. In stark contrast, just three brokers said that choosing a lender they were familiar with was most important, while only two also said it was which deal had the best incentives.
This is not the first time this trend has been identified, with an Oliver Wyman report in 2018 coming to the same conclusions.
Stuart Cheetham, CEO at MPowered Mortgages, commented: “We understand that rates are always going to be a really big focus for consumers, particularly at this current moment in time. However, it is really interesting to see the importance assigned by borrowers to a fast and frictionless mortgage process. In today’s digitally driven day and age, consumers have come to expect and demand fast decisions and slick seamless process and lenders need to keep up with demand and respond by providing consumers with the solutions and service they need.
“We were surprised how relatively few brokers stated that going with a well-known lender was a priority. We see this as a real opportunity for lenders outside the traditional ‘big 6’ to find solutions that work for borrowers at this time. At MPowered, we will always be innovating using the power of technology to make the mortgage process as easy as possible for brokers and borrowers alike.”
