MPowered Mortgages has released new data showing 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. Clearly a consumers decision on which lender to choose will to a large extent be based on personal circumstances but it shows that customer service and identifying customers’ needs are first and foremost.
MPowered is committed to focusing on the needs of borrowers, particularly given the current financial pressures faced by them during this cost of living crisis. Over the past few years since MPowered Mortgages was launched, the lender has used sophisticated technology combined with artificial intelligence to reduce the entire mortgage journey to a 60-second process as well as improve the broker’s experience of getting a mortgage approved which has in turn allowed them to focus on customer service.
Stuart Cheetham, CEO at MPowered, comments: “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.”
