Table of Contents
DATAMONITOR VIEW
ANALYSIS
- 11% of consumers might take out, top up or change their mortgage in the
next five years
- General insurance products were the most mentioned products but
mortgages received significant mentions too
- Consumers falling in higher household income bands are more likely to
consider taking out, topping up or changing their mortgage
- Consumers would most likely consider traditional providers when taking out
a mortgage
- Building societies and banks are by far the preferred types of mortgage
providers by consumers when considering taking out a mortgage
- Consumers are more likely to consider major mortgage lenders when
taking out a mortgage
- Consumers would mostly use face-to-face and the internet to find
information about a mortgage
- 67% of participants mentioned they would speak to someone face-to face
- The internet is also a popular method for seeking out information
- When taking out a mortgage, more than a third of consumers would
choose the internet over face-to-face to find information about the product
- Consumers would most likely approach IFAs when seeking out information on
a mortgage
- 53% of participants mentioned IFAs
- More than a quarter of consumers would seek advice from their friends,
family and colleagues
- Unsurprisingly, most consumers would use face-to-face when arranging a
mortgage
- 76% of consumers will use face-to-face to arrange a mortgage
- The majority of consumers would never consider digital TV when arranging
a mortgage
APPENDIX
- Supplementary data
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
List of Tables
- Table 1: Which of these types of organizations, if any, would you
consider/never consider when taking out a mortgage with?
- Table 2: Responses for Northern Rock to the question ' which four or five
of these companies would you consider taking a mortgage with?
- Table 3: When taking out a mortgage, which of these methods, if any, would
you use to find information about this product?
List of Figures
- Figure 1: More than 10% of respondents stated that they might either take
out a mortgage or top up or change their existing mortgage in the next five
years
- Figure 2: Participants in higher household income groups are more likely
to take out/top up/change mortgage product in the next five years
- Figure 3: Banks and building societies are most likely to be considered by
consumers when choosing a mortgage than other types of organization
- Figure 4: Consumers are most likely to consider major mortgage players
such as HBOS and Abbey when taking out a new mortgage
- Figure 5: Northern Rock' s popularity among the survey participants fell
dramatically after September 2007
- Figure 6: Face-to-face and the internet are the two most popular methods
for seeking information on a mortgage product
- Figure 7: While 52% of participants would speak to someone face-to-face
when taking out a mortgage to find information about the product, 36% will opt
for the internet
- Figure 8: IFAs are more likely to be the point of contact for consumers
when seeking out information about their mortgage
- Figure 9: Face-to-face remains the preferred method by consumers for
arranging a mortgage
- Figure 10: The majority of consumers would never consider digital TV when
arranging a mortgage
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