Abstract
Introduction
The financial crisis has significantly changed consumer behavioral patterns
within the mortgage market. In the short run, borrowers are taking into
account more qualitative factors such as a lenders reputation and stability.
Mortgage providers need to take note of this and change their marketing
messages in order to appeal to recessionary consumers.
Scope of this research
- Uses Datamonitor' s Consumer Megatrends Framework to assess customer needs
during this uncertain era.
- Analyses how existing messages and products need to be modified in line
with changing consumer trends.
- Provides Datamonitor' s latest house price forecasts for the UK market.
- Highlights examples of innovative mortgage product offerings from both
domestic and foreign markets
Research and analysis highlights
The most important consumer trend is that of financial safety consumers are
worried about the future and they need a safe and dependable lender who can
help eliminate any future concerns for a borrower taking out a mortgage
product.
The growth in popularity of the direct sector has placed a greater emphasis on
large lenders who can take a significant share of the market if they fully
appeal to the consumer Megatrends.
Consumers are progressively looking for mortgage products that suit their
individual needs and since many mortgage offers have been withdrawn from the
market this trend is becoming more important.
Key reasons to purchase this research
- Provides topical insight into the mind of recessionary consumers.
- Offers a greater understanding of how to target customers despite the
weakened state of the market.
- Gives an analysis of how some of the major lenders have responded to the
changing economic conditions.
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