Brokers say borrowers don’t put much importance on using a well-known lender
The cheapest mortgage rates and a streamlined mortgage journey are of paramount importance to borrowers – more important than using a well-known lender, research from digital lender MPowered Mortgages has revealed.
In its survey of more than 700 brokers, the majority or 468 brokers cited ‘finding the best rates’ as their clients’ top priority, while an additional 215 brokers highlighted the significance of a rapid and hassle-free process.
Only three brokers indicated that selecting a familiar lender held primary importance, while two brokers emphasised the appeal of enticing deals.
“We understand that rates are always going to be a really big focus for consumers, particularly at this current moment in time,” commented Stuart Cheetham (pictured), chief executive at MPowered Mortgages. “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.”
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