Abstract
Introduction
With funding remaining an issue and consumers continuing to be saddled with
significant amount of debts, the UK mortgage market promises to be very
challenging in 2008. In particular, customer acquisition remains a testing
area and understanding the preferences of future mortgage customers will
provide useful insight to lenders when designing their acquisition and
distribution strategies.
Scope of this report
- Draws upon Ipsos MORI data to provide insight into the behavior of future
mortgage customers.
- Analyzes the data by age groups and household income bands where relevant.
- The data was collected during 2007 at four different points in
timeFebruary, May, August and Novemberand presented as 2007 as a whole.
Research and analysis highlights
While on the whole, 11% of respondents stated they might consider taking out,
topping up or changing their mortgage in the next five years, further analysis
of the data highlights that this proportion increases to 18% for the 1829 year
old age group and the 3044 year olds.
Unsurprisingly, traditional organizations such as building societies and banks
are the preferred organization types by consumers when considering taking out
a mortgage with 75% and 72% of responses respectively.
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.
Key reasons to read this report
- Gain access to consumer data to understand the future behavior of mortgage
customers and adapt your customer acquisition strategies accordingly.
- Learn who are the lenders consumers are most likely to take a mortgage
with in the future.
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