What is the worst part of getting a mortgage? Is it the initial application stage when you have to sit in an interview with an advisor? The processing stage as you wait for offer and completion? Or the after-sale aspects of dealing with your lender?
New research has revealed a surprising answer. Keep reading to find out more.
Justone in seven borrowers are satisfied with their lender
A new survey from YouGov has discovered that people become increasingly less satisfied with the mortgage application process the further they get along it.
A new report says that only around one third of people with a mortgage were satisfied with the application stage of the home loan process while only 18 per cent were satisfied with the offer and completion stage.
The research also revealed that just 14 per cent of mortgage holders are satisfied with their providers after they have become customers.
“The bad news for providers is that most people dislike most parts of getting a mortgage,” said Tom Rees, UKResearch Manager at YouGov.
“The good news is that customers are pretty clear about what can be done to make the experience a happier one. For example,providers would improve perceptions of the application stage by giving applicants more personal control over the whole mortgage process. At the financial stage speeding up the decision-making process would prove popular. And once people have mortgages, lenders could improve things by increasing the level and quality of contact with their customers.”
Recent news reports suggest that the mortgage process may actually be getting more stressful. Some brokers and applicant shave reported that there are significant delays in obtaining mortgage offers while lenders get to grips with new affordability and underwriting checks introduced in April.
Nick Marr, director of property website TheHouseShop, said: Most lenders only correspond with their borrowers once a year when they send their annual statement. What this research reveals is that only a tiny proportion of mortgage holders are happy with their lenders and that much more can be done to improve the quality of service to borrowers.