Over half (53%) of homeowners are yet to try remortgaging online, presenting a “significant opportunity” for lenders to develop digital remortgage solutions, according to finova.

A study by the cloud-based mortgage and savings software provider revealed that while more lenders are expanding the digital tools available to their customer base, many borrowers are either unaware of digital remortgage solutions or find them challenging to use.

finova’s research, based on a survey of over 500 borrowers and 500 brokers, found that 82% of homeowners struggled to remortgage on an app. The firm said that this figure reinforces the case for greater user education and more user-friendly interfaces to boost engagement and success rates.

The anomaly were homeowners between the ages of 18 and 24, where half (50%) had successfully remortgaged using an app.

“Despite lenders rapidly expanding their tech solutions, many homeowners remain reluctant to remortgage online – a hesitation that presents a major growth opportunity for forward-thinking players in the market,” said chief revenue officer at finova, Chris Little.

“As rates begin to stabilise and countless fixed rate mortgage deals approach their end, now is the ideal time for lenders to bridge the gap and make the remortgaging process more seamless for borrowers.

“The appetite for digital solutions is evident, with borrowers increasingly preferring to engage with lenders via mobile chat apps. By investing in user-friendly, online remortgaging tools, lenders can not only enhance the borrower experience but also boost their own customer retention in the years to come.”

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