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Targeting Borrowers 'In The Zone' in the UK Mortgage Market
Retail Finance Intelligence (RFI), Dec 2009, Pages: 20
This report captures detailed information on consumers described as being “in the zone.” In this report we have defined “in the zone” as any respondent who said they intended to buy a home, an investment property, holiday home or to remortgage away from their current lender without acquiring a new property in the next 12 months. As this group will account for a large majority of mortgage business in the coming year, it is important to have an understanding of the needs of these respondents.
Scope and methodology
The report uses data from a 2009 survey of mortgage holders.
This survey:
- Is nationally representative
- Contains the responses of 2,000 mortgage holders
- Addresses a number of issues affecting mortgage holders, including consumer sentiment, market share, consumer demographics and mortgage products
Highlights
Just under 30% of those in the zone are actively seeking to remortgage but cannot find a product appropriate to their needs. This indicates that despite the relative sophistication of the UK mortgage market, there is still scope for institutions to reap large rewards in share if they are able to research the market, innovate and provide products that meet the needs of borrowers in the zone as they emerge.
For borrowers in the zone, existing relationships with their main banking institution or current mortgage lender remain the leading way to approach the search for a new mortgage product, accounting for 43% of the market.
Reasons to read this report
- Understand the economic outlook of mortgage holders
- Gain insight into the mortgage characteristics borrowers currently “in the zone” and how they differ from other mortgage holders.
- To learn which features those “in the zone” value in terms of banking relationships, research channels, and mortgage features
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