Homeowners choosing not to shop around when buying a mortgage

Published: 25/09/2012

Over 50 per cent of homeowners went directly to their own bank to get a mortgage, according to a recent survey from Myvouchercodes.co.uk.

The survey, which polled 1682 homeowners, found of those who went to their current bank 87 per cent did not look for any other rate or deal. 59 per cent admitted they have “no idea” if they were getting a competitive rate while 42 per cent confessed they did not fully understand mortgages.

Of those who went straight to their bank, 61 per cent stated they did so because it was “easy” to do. Mark Pearson is the Chairman of Myvouchercodes.co.uk:

“Mortgages can be very confusing. With terms being thrown at you like ‘tracker’ and ‘fixed rate’, it is easy for things to seem complicated and I can see why many people want the easiest option of going to their bank and getting them to sort everything.”

Content correct at time of publication