The Q1 2023 benchmarking report for UK Mortgage brokers has just been published. Learn how the top 8 UK mortgage brokers perform across the digital space.

The latest Q1 2023 benchmarking report for UK mortgage brokers has just been published.  It covers the largest 8 national mortgage brokers, including Meridian Mortgages, Molo, Just Mortgages, Mojo Mortgages, Mortgage Advice Bureau, London & Country Mortgages, John Charcol - Independent Mortgage Expertise and Habito.

The research gives an inside track on who is winning the biggest share of voice online, and quantifies the gaps, risks and missed opportunities for other mortgage brokers to win brand exposure locally, site visits, and online enquiries. The report highlights quick wins that will improve enquiries from your online strategy and identifies the barriers that may be reducing your site’s ability to optimise digital performance.

To see a preview and contents page of the Q1 report, click here. To get a copy of the full report and the key take-aways, please complete the enquiry form or schedule a call.

What The Industry Research Report Covers

The 70+ pages of research benchmarks each retailer based on 50+ metrics and indicators of successful digital strategy, including organic visibility, domain authority, paid media ads, conversion performance, technical performance, site speed, universal search, content, social ads, accessibility, and mobile performance.  

Driving Optimal ROAS from Paid Media Channels

Some of the leading players in the space are high spenders on paid media channels such as Google, Bing & Facebook - but have a poor or sub-optimal conversion improvement strategy. Without an optimised, sophisticated conversion strategy that maximises the conversion rate, the return on investment is unsustainable or will under-perform. Scaling spend on paid media is not achievable unless the conversion rate delivers optimal performance in the sector. Some in the space have paid media spend levels from 30k+ per month but dedicate minimal resources and budgets to conversion testing.  Given the cost per clicks on ad networks will continue to rise, we recommend spending at least 10% of your paid media budget on ongoing conversion optimisation testing schedules to ensure your paid media ROI maintains long term viability, competitive advantage, and sustainability.

Technical Website Compliance

Savvy digital marketers know that having a technically sound website is an essential component of a successful fully integrated digital strategy - plus a site capable of maximising conversion performance.

Whilst most of the mortgage brokers we researched had a fairly low amount of website errors, all eight of the providers had at least a few 4xx or 5xx errors showing. Mortgage Advice Bureau are seeing by far the worst level of 4xx error codes, with 4,220. Mortgage Advice Bureau need to be looking into the cause of these errors.

Site Speed & Conversion Rate Performance

When 62% of consumers are less likely to convert if they have a negative mobile site experience, ensuring that your site is quick and easy to load makes a significant improvement on your overall conversion rates.

We would expect most to achieve at least an ‘okay’ score of 50-89, whereas only seven of the eight mortgage brokers did. The mobile page speed scores are currently between 24 and 86, with London & Country Mortgages leading the way. All the companies that are scoring below 50 have some serious work to do on improving their mobile page speed.

Building Competitive Advantage with Domain Authority

Domain authority is an essential metric for measuring the effectiveness of SEO performance, and helps create a reliable overall gage of how effective your site is at achieving organic traffic, i.e. ‘free’ traffic that isn’t gained through sponsored ads.

A ‘good’ DA really comes down to how your competitors are performing, however it’s generally considered average between 40 and 50, good between 50 and 60, and excellent above 60. Only five of the companies achieved a score of average or above, with the DA ranging from 14 to 70. Meridian Mortgages are scoring the lowest of all eight mortgage brokers. Those at the lower end of the scale need to be focusing on building a stronger backlink profile to compete with the higher scoring mortgage brokers.

Organic Performance – Mobile & Desktop

A strong organic performance is strategically important as it ensures your site ranks above competitors for key, transactional keywords. When 93% of your customers won’t go past the first page of Google, your absence or lack of targeting for essential keywords will cost you conversions.

We looked at how all eight mortgage brokers have performed compared to last year. Continuous improvement and optimisation is also needed to secure traffic year on year. We discovered that only three of the mortgage brokers in our report have gained organic mobile traffic year on year. Molo saw the biggest loss with a 57% drop, whilst Meridian Mortgages saw the biggest gain with a 144% increase.

Universal Search Opportunity

Google Universal Search Results is an evolving opportunity to make your pages visible on a SERP (Search Engine Results Page). Universal results often appear before traditional listings and are eye-catching for users. Universal search results refer to rankings on a SERP that are not the traditional ‘blue line’ Google link, and a retailer can appear for universal search results without being strong in standard rankings.

We could see that reviews was the highest used universal search feature, with John Charcol taking the top spot reaching 2,900 results. Some companies are underusing all universal search feature options and only seeing a handful of results. Those getting a small amount of results need to work towards the numbers their competitors are achieving.

The Longtail Keyword Opportunity

Longtail keywords are often considered high intent and potentially more likely to convert as a searcher is being more specific. Optimising for longtail keywords also puts your content strategy in a strong position to rank for retailer new search terms as they enter Google’s index.

Meridian Mortgages are ranking for a significantly low number of longtail keywords compared to their competitors, with very few of their longtail keywords ranking in the top 20, as we also pointed out in Q4 2022. Meridian Mortgages should be looking at how to improve their rankings on existing longtail keywords, but also at how they can expand their strategy to include new specific search terms

Facebook Adverts

With the number of Facebook users in the United Kingdom (UK) forecast to hit over 42 million users by 2022, it is not surprising that companies have jumped at the opportunity to advertise on the social media platform. Facebook’s UK digital advertising revenue has been estimated to have breached 2.6b GB pounds in 2019.

Below, we can see examples of Meridian Mortgages’ Facebook ads. The use of celebrity endorsements for an event they are attending is a great way to catch scrolling social media users’ eyes. The clear copy, CTA, and tagged accounts will also help to grab the attention of potential participants.

Top Social Shares & Content

When it comes to social media and on-site content strategies, it is important to release content that has a longer shelf life. An article is considered 'Evergreen' if it has maintained its relevancy to an audience for longer. It's great for your retailer engagement, but great for Google too, who will recognise content which achieves traffic over a long period of time.

We saw in our research that Molo are falling behind their competitors when it comes to both Facebook Likes and Instagram Followers. Molo need to look into how they can compete with the other mortgage brokers.

Website Readability & Accessibility

20% of people in the UK have a disability – 2 million of which are people living with sight loss. In addition, 1 in 12 men and 1 in 200 women have some degree of colour vision deficiency. When websites are not designed to meet these needs, retailers lose customer interest as they turn elsewhere.

All of the mortgage brokers appear to be struggling with accessibility within their sites, with all eight seeing an array of errors, contrast errors, and alerts. John Charcol are still seeing the worst amount, as pointed out in our Q4 report, with 170 alerts on their website. The mortgage brokers seeing issues should be reviewing and optimising their accessibility, and investigating to see what the issues within their websites are. 

Q1 2023 WINNERS LEADERBOARD

For a glance into just 6 of the metrics we evaluated these top 8 mortgage brokers on, check out our quick-look table below;

GET THE FULL 70-PAGE Q1 2023 REPORT

To get a copy of the full report, please complete the enquiry form. If you want to talk to us about accelerating your digital performance, please call us on 01543 410014 or schedule a call with Mike Movassaghi.

Photo by Tierra Mallorca on Unsplash