“As consumers increasingly search for mortgage quotes online, mortgage brokers have a huge opportunity to win new deals”
The firm asked 5,000 UK adults where they started or would start their search for mortgage quotes. Of those who have held a mortgage, 17% started their last search online. However, when asked where they would look for their next mortgage, 34% would now do their research online – an increase of 100%.
Moreover, when asked about the last time they got a mortgage, only half (54%) got more than one quote before proceeding and the majority of those who got more than one quote only got two. Yet if they looked for a mortgage now, 73% of mortgage holders said they would get more than one quote, and 42% said they would get at least three.
However, as more people choose to get mortgage quotes online, concerns about data sharing are growing and consumers are growing unhappy with how some mortgage companies handle their personal information. .
One in four (25%) of all respondents said they would be concerned about sharing details about their profession to get a mortgage quote online, a third (33%) would not want to disclose details of their salary while that more than two in five (45%) would not share their spending figures or identity (40%). Additionally, 28% said they would not be happy to share their email address and 37% their phone number; nearly one in three (29%) had a negative experience doing so, with the main issues being:
• receiving too many calls, emails and texts (30%)
• being contacted by companies other than the one to whom they provided information (29%)
• they expected an online quote but received a call instead (24%)
When asked about the last issue in general, 63% of all respondents said they would be upset if they filled out a mortgage quote form with one company, but another company contacted them instead.
As a result, 31% of people feel less willing to share their data online today than they did five years ago and many have reservations about sharing their phone number to get a mortgage quote. .
Thomas Brett, Head of Mortgages and Loans at Contact State, said the data highlights both opportunities and risks for brokers: “Gone are the days of getting a mortgage quote and then moving on – people want more control over their financial decisions. However, our data shows that the landing pages they see when searching for quotes are becoming increasingly “misleading”, posing as an instant quote or calculation when in fact they are lead generation.
“As a result, 29% of consumers had a bad experience when searching for mortgage quotes online, and 24% said they felt pressured to share their data.”
Alain Desmier, co-founder of Contact State, adds: “As consumers increasingly search for mortgage quotes online, mortgage brokers have a huge opportunity to win new business, however, if they buy data or leads from a source they don’t not understand, not only is the quality of the customer’s request going to vary wildly, but if that customer journey has been negative, as a buyer of that prospect, the mortgage company/broker may well be in violation of consumption requirement.
“At Contact State we work hard with lead generation buyers and sellers across the UK to clean up the industry, creating a clear and transparent customer journey so businesses know exactly how that customer number has been obtained to ensure that customers never feel like they have been coerced or tricked into sharing their details and that “how did you get my number” becomes a matter of the past.