Borrowers failing to shop around for best mortgage…

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Home owners may not be getting the best mortgage deal, with more than half simply going straight to their bank.

When asked who their current mortgage was with, 52% said it was through the bank they had been with before getting a mortgage.

Of those, 87% said they didn’t look elsewhere for other rates or deals. When asked why they had gone straight to their bank for their mortgage, 61% said it was ‘easy’ to do.

Just 23% said their mortgage was through a bank that they did not otherwise bank with, while 14% had gone to a building society.

The majority (59%) claimed to have ‘no idea’ if they were getting the best rate for the mortgage, compared with 34% who felt they had ‘thoroughly researched’ different options in order to get the best rate possible.

When asked if they felt they understood mortgages fully, 42% admitted that they didn’t.

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Courtesy of Introducer today

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