Borrowers failing to shop around for best mortgage…

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