Mortgage customers are now looking for positive peer reviews before deciding to switch, research from Smart Money People found.
Nearly a third (30%) of people said they would only consider a mortgage product if the provider had at least a four out of five star rating.
The study also found that 15% of consumers wanted a perfect five star rating before choosing a mortgage product.
Additionally, data from Smart Money People showed mortgage brokerage products had high satisfaction, with an average rating of 4.91 stars.
Customers gave high scores for ease of use, customer service, and process efficiency.
Specialist providers stood out in these areas, according to the study.
Some customers mentioned issues with communication, process, and security, but these did not appear to significantly affect overall satisfaction.
Jacqueline Dewey, CEO at Smart Money People, said: “Our research highlights just how crucial customer reviews have become in mortgage-buying decisions.
“More than ever, consumers are turning to peer feedback to inform their choices, making it essential for the mortgage industry to proactively manage and respond to reviews.
“Offering a good product alone is no longer enough – providers must demonstrate real value and outstanding service through strong customer advocacy.”
