Borrowers have revealed that having the cheapest mortgage rates and a smooth mortgage process are more important to them than using a lender they are familiar with.

This revelation was made in a new study by digital mortgage lender MPowered Mortgages.

The survey of 704 brokers found that the majority of borrowers were more interested in ‘finding the best rates’ and a quick and seamless mortgage process.

MPowered said it is not the first time this trend has been identified. Another survey carried out by Oliver Wyman in 2018 came to the same conclusions.

It added that consumers’ decision on which lender to choose will be mostly based on personal circumstances but identifying customers’ needs should be a priority. 

MPowered chief executive Stuart Cheetham said: “We understand that rates are always going to be a really big focus for consumers, particularly at this current moment in time. However, it is really interesting to see the importance assigned by borrowers to a fast and frictionless mortgage process. In today’s digitally driven day and age, consumers have come to expect and demand fast decisions and slick seamless process and lenders need to keep up with demand and respond by providing consumers with the solutions and service they need. 

“We were surprised how relatively few brokers stated that going with a well-known lender was a priority. We see this as a real opportunity for lenders outside the traditional ‘big 6’ to find solutions that work for borrowers at this time. At MPowered, we will always be innovating using the power of technology to make the mortgage process as easy as possible for brokers and borrowers alike.”