At a time when some other financial services sectors are coming in for criticism, the mortgage industry has received a positive show of customer satisfaction according to the findings of the survey. The key result is that 55% of all borrowers are aware of the Mortgage Code and their rights under its provisions (compared to 45% of this population a year ago).
Commenting on the results, Luke March, Chief Executive of the Mortgage Board, said: “The Code has now been in place since 1997 for lenders and 1998 for intermediaries. These research results show the Code is having an increasingly positive impact, as consumers are becoming much more aware of their rights and how the Code can help them.”
This rise in awareness indicates the success of the new version of the customer leaflet ‘You and your mortgage’, which summarises the benefits and rights afforded under the Code, and must be issued by lenders and intermediaries as part of the sales process. The Mortgage Board has also made considerable effort in the past year to raise general consumer awareness of the Code through its new website and through consumer oriented articles and press releases.
