Mortgage holders ‘too loyal’
A new survey by online mortgage firm mform has found that out of the 2,044 mortgage holders polled, 13% of those whose products expire simply take the new deals they are offered, and 14% do not extend their search boundaries beyond their existing lender. In all, 40% have never switched mortgage provider, while 25% have switched once, 15% twice and 16% three times or more. As a result, Eamonn Rice, chief executive of mform, has accused mortgage holders of being too loyal. “Loyalty should be rewarded but the millions of mortgage customers who have never moved lender are potentially paying a massive price for not searching the market,” Mr Rice said. “The mortgage industry complains bitterly about so-called ‘rate tarts’, but the reality is that two out of five borrowers are far too loyal to their lender.”
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