The majority of consumers now use the internet to check out the best deals, but only 18 per cent will go online again before they commit to a particular deal so its crucial lenders get it right first time. Unfortunately a fair few of them dont.
A study by Global Reviews compared the customer experience across 13 leading providers websites, taking into account more than 520 different criteria.
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Sadly, few websites offer borrowers a consistent experience across the board something which inevitably leads to doubts about both the validity of a deal on a lenders website alongside the quality of their customer service.
The average score across the industry was 42 per cent, with top scorers ING Direct exceeding this by 10 per cent, followed by HSBC and Halifax. However Barclays, Northern Rock and Cheltenham and Gloucester all fell below par, Barclays the worst after scoring just 32 per cent.
Mortgage lenders are moving online in the hopes of attracting more borrowers towards their products, but few offer a fully interactive service or application process. Whilst ING Direct scored 76 per cent for their online offering, Barclays scored a very poor 3 per cent as it offers borrowers a very limited service indeed with neither an online application process, nor comprehensive information about other application channels.
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ING Direct comes up trumps again after scoring the highest for overall experience, while Alliance and Leicester beat out its competitors to offer the best online customer support. Representing the mutuals, Britannia offers the best repayment calculator whilst HSBC and Halifax offer good ones for working out borrowing capacity.
Consumers researching mortgages online place greatest value on loan details and information on interest rates. ING Direct provides the most comprehensive loan information whist Britannia and Nationwide took second and third spot. Again, ING Direct offers borrowers the best rate information, followed by Lloyds TSB.
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Unfortunately design tends to be favoured over content, not something which is going to register highly when youre searching for a mortgage. Easy navigation is definitely an important factor when it comes to catching and keeping a customer, but if your information isnt there at their fingertips then borrowers arent going to hang around to marvel at the shade of blue used on the toolbar.
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