For the 14th time, SWI FINANCE determined Germany’s best mortgage lenders on behalf of the financial magazine €uro. As in the previous year, Interhyp achieved the top position. In the areas of consulting and service, the institution took first place in each case. It was followed in the overall ranking by Enderlein and the comdirect bank.
Hamburg, 24 July 2019 – Rising property prices, especially in the big cities, make it difficult to fulfil the dream of owning one’s own home. To some extent, this is being offset by falling interest rates. Whereas in the past long maturities were increasingly recommended in construction financing consultations, (“Save for 15 or 20 years now, who knows when interest rates will rise again.”) nowadays opinions are diverging. Some of the consultants assume that interest rates will not rise again in the foreseeable future and recommend the more affordable 10-year maturities. For it is precisely there that there is a huge supply of building finance companies fighting for contracts. Therefore, the comparison is all the more worthwhile if not only the low interest rates are in the foreground, but the emphasis is also placed on service and advice.
Best Mortgage Lender 2019 – The Study
For the 14th time, SWI FINANCE determined Germany’s best mortgage lenders on behalf of the financial magazine €uro. The study comprised a three-stage test procedure consisting of the evaluation of conditions, advice and service. The evaluation of the conditions was based on the interest rates reported by the mortgage lenders and formed a major part of the study. SWI FINANCE also tested on-site and online/video consulting to see how comprehensively the providers responded to the ideas and needs of prospective customers. The service for enquiries via test calls, e-mail enquiries and internet research was the final part of the analysis.
The Results of the S.W.I. FINANCE Study
Like last year, Interhyp achieved the top position and is thus “Best Mortgage Provider 2019”. In the fields of consulting and service, Interhyp took first place in each case. Enderlein and comdirect bank followed in the overall ranking. Enderlein brokers loans through PlanetHome, comdirect bank through Interhyp.
In addition to traditional loans over 10 or 15 years, the rating also included Forward Loans and Full Repayment Loans.
- Best mortgage provider (best advice & best service): Interhyp
- Best instant credit: Enderlein, HypoVereinsbank, PlanetHome, Targobank
- Best forward loan: Enderlein, HypoVereinsbank, PlanetHome, Targobank
- Best full repayment loan: 1822direkt, comdirect bank, Commerzbank, Dr. Klein, Enderlein, HypoVereinsbank, Interhyp, PlanetHome, Targobank, Baufi Direkt
When it came to the terms and conditions, several providers shared first place, as many companies now not (only) sell their own financing offers but also arrange the contracts for other banks. Thus they offer the same terms and conditions.
Our Insights from the Study
Compared to 2018, interest rates have again fallen significantly. In addition, the terms and conditions are converging more and more among the providers. This is mainly due to the fact that more and more banks are connected to one of the major intermediary portals in addition to their own (often rather expensive) offers. There they can pick out the cheapest offer out of several hundred. They do not earn on the interest, but the commissions included are better than losing the customer completely.
This also affects the appearance and structure of the financing offers. With many providers these now look largely the same, except for name and logo.
Clients should however not only look at the interest rate: Especially regarding the consultation there are large differences”, says Johannes Higle, S.W.I. FINANCE study leader. ” Consequently, interested parties should ask for at least a second offer not only because of the interest rate, but also so that the offer fits optimally and a basic option is not overlooked”.
But also so that the offer fits optimally and a basic option is not overlooked”.
In the service sector, prospective buyers sometimes find it difficult to ask their questions. Here, the best providers distinguish themselves by being able to already demonstrate their competence during first contact (by telephone or e-mail). Many other companies, on the other hand, referred to callbacks from special advisors or even to their website. Even when consulting in the branch office, it is not always guaranteed that the employee has the necessary competence. And this despite the fact that the topic was always pointed out when making an appointment.
The Development of Mortgage Lending
While last year it still seemed as if rising interest rates in the USA would also affect conditions in Germany, this has now changed fundamentally. On the contrary, the European Central Bank (ECB) has indicated that interest rates are likely to fall even further in the foreseeable future rather than rise. As a result, the competitive pressure in Germany between mortgage lenders will continue to intensify. After all, this is one of the few areas in which the institutes can still earn money. In addition to falling margins, which increase cost pressure, companies must also prepare themselves for the changes brought about by digitization in this area as well. While personal consultations at the branch office are currently the most important contact channel, online or video consulting is likely to become more widespread in the future. “It will be interesting to see which provider best meets the challenge of digitization in the interest of the customers,” adds Marcus Schad, Managing Director of S.W.I. FINANCE. “Simplicity and convenience are the basis for a successful completion rate and positive recommendations for a product that requires explanation, such as mortgage lending.”
Do You Have Questions or Further Interest in the Study?
If you have any further questions or are interested in the entire study, please contact the study director Johannes Higle by e-mail to firstname.lastname@example.org. The results overview is available for a nominal fee of 100 Euro (plus VAT).
For more than 25 years, S.W.I. has been analyzing and designing internal and external customer relationships of companies. As an independent and value-oriented consultant, the institute forms the interface between science and business practice.
S.W.I. conducts consumer analyses as well as customer and employee experiences. Based on relevant data, the studies provide valuable and target-oriented insights for corporate change processes. S.W.I.’s clients are companies from a wide range of industries that are faced with market-relevant decisions regarding digital transformation and the efficient and service-oriented optimization of their customer experiences.
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