The UK mortgage market is being held back by its providers’ awful websites, which stop people from spending money.
According to Global Reviews, which shows how difficult it is to buy a mortgage online, lenders are providing such a poor experience online that they’re missing out on thousands of potential new customers.
The reviewer gives websites scores based on how easy it is for customers to access websites, with a 100 per cent score equating to the “perfect online journey” – one that is very easy and effective in getting people what they need.
It calculates the scores from four key tests; a set of practical tasks, an attitudinal survey and an audit of the site’s features – all done by prospective customers – and an audit by independent experts.
Overall, the 10 mortgage providers evaluated average just 49 per cent, with Nationwide offering the best online customer experience at 56 per cent, followed by HSBC and Barclays (54 per cent). Santander has the worst online service, coming in at just 40 per cent.
Global Reviews claim that mortgage providers perform worse than home insurance (average of 58 per cent) and motor insurance companies (51 per cent) and gas/electricity providers (50 per cents).
It also found that only 12 per cent of potential customers would recommend mortgage lender websites, whilst 57 per cent would actively discourage others from visiting.
Global Reviews principal consultant Rebecca Jennings said: “The mortgage industry needs to address its online shortcomings to avoid an explosive combination of social media’s amplification powers fused with the majority of applicants willing to actively discourage others to visit.”
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