Many online mortgage shoppers want and expect to buy their mortgage online, but they don’t because the information, tools and resources they need to do this are not available to them online.
There has been some improvement in the quantity and relevance of content available online since our last study in 2007: search is becoming more efficient at presenting lender sites and weeding out broker affiliates. Despite this, many lenders’ sites seem frozen in time, and given the anxieties caused by the current economic climate, they have effectively taken a step backwards in providing users with the information they require.
All-in-all the web seems to be ‘unselling’ mortgages: at best pushing shoppers, unwillingly, offline to look for traditional forms of advice; at worst persuading them to give up and do nothing at all about taking out a new mortgage.
Our report records and explains the behaviour and frustrations of online shoppers and gives mortgage marketers ideas about how to meet consumer needs more effectively to achieve competitive advantage.
OSS Mortgages examines the way UK consumers use the web to find, evaluate and buy mortgages. In particular, we wanted to understand:
- What are consumers’ expectations and pre-conceptions about how and where they will shop for mortgages?
- What sites and tools do they use to acquaint themselves with the market and the products on offer?
- What makes the experience of using a mortgage calculator successful and compelling?
- What steps are there between the initial online shopping session and purchase?
- How do consumers formulate a shortlist of candidate lenders?
- What dissuades shoppers from buying online?
- What differences in behaviour can we observe between fieldwork for this report and the study conducted in January 2007?
- In particular, how has the current economic climate changed the objectives of shoppers in their search for mortgages?
- Is there evidence that the recent economic downturn has affected how people shop for mortgages?
Download 'OSS Mortgages' (pdf)
Authors: Jemma Green with Tom Wood