finova surveyed over 500 borrowers and 500 brokers to understand how time consuming the path to homeownership is in the UK - with findings showing many borrowers are either unaware of digital remortgage solutions or find them challenging to use. In fact, 82% of homeowners did not find it easy to remortgage on an app, reinforcing the case for greater user education and more user-friendly interfaces to boost engagement and success rates.
However, half (50%) of homeowners aged 18 to 24 have successfully remortgaged using an app.
According to the research, older and first-time borrowers have a strong preference for phone and email communications from their lender, with almost half (48%) of homeowners saying phone calls are the most effective method for addressing mortgage-related queries. But more tech-savvy users are leaning towards typed chat communication - 40% of 35 to 55 year olds prefer mobile app chats over all other channels.
Chris Little, Chief Revenue Officer at finova, commented:
“Despite lenders rapidly expanding their tech solutions, many homeowners remain reluctant to remortgage online—a hesitation that presents a major growth opportunity for forward-thinking players in the market. As rates begin to stabilise and countless fixed-rate mortgage deals approach their end, now is the ideal time for lenders to bridge the gap and make the remortgaging process more seamless for borrowers. The appetite for digital solutions is evident, with borrowers increasingly preferring to engage with lenders via mobile chat apps. By investing in user-friendly, online remortgaging tools, lenders can not only enhance the borrower experience but also boost their own customer retention in the years to come.”
