One in four don’t properly shop around for mortgage

Which? Mortgage Advisers reveals some people aren’t comparing enough options and regret not seeking independent advice when making this major financial decision. 

Research from Which? Mortgage Advisers shows that people aren’t doing their homework when choosing a mortgage with a quarter (23%) who have taken one out or remortgaged in the past five years saying they didn’t shop around enough. Worse still, of the four in ten (40%) people who have taken out a home loan with their main bank account provider, a third (35%) say they didn’t shop around enough.

It is vital that people get information and advice to help them choose the right mortgage and those who got their mortgage through a broker were more likely to think they’d shopped around enough (70% compared to 57%) than those who went directly to the lender. One in five (19%) who didn’t receive independent advice said they regretted not seeking it.

Consumers also need to be aware that the quality of advice can vary from different sources. A third (32%) of people who spoke to bank staff when looking for their mortgage said they received poor advice.

Mike Lawton, Managing Director of Which? Mortgage Advisers, said:

“It’s worrying that some people are making one of the biggest financial decisions of their lives without fully comparing all the options or getting the quality information and advice they need.

“At Which? Mortgage Advisers, our independent experts look across the market to ensure every customer gets the right mortgage for them.”

Since launching in 2011, Which? Mortgage Advisers has helped thousands of people to make this important decision.

Notes to editors:

  1. Methodology: This research was carried out as part of a bigger survey into how consumers choose mortgage products and their attitudes to the product selection process. Populus surveyed 4,170 UK adults online between 18-22 December 2013. Of the sample, 409 people had purchased their first mortgage or had remortgaged in the last five years and were the main or joint decision maker. Data were weighted to be demographically representative of all UK adults. Populus is a member of the British Polling Council and abides by its rules.
  2. Which? Mortgage Advisers are 100% independent and will search the market to find the right deal for all consumers.
  3. Its advisers will show consumers all the mortgages on offer, even if that means you arranging your mortgage directly.
  4. Which? Mortgage Advisers are paid a salary and are therefore not influenced by commission.

What happens when you contact Which? Mortgage Advisers?

1.    We will make an appointment for you to speak to one of our mortgage advisers.

2.    At that appointment we will want to understand what your circumstances are.

3.    Our independent and impartial advisers will then do the hard work for you – looking through 1000s of products to find the right deal for you.

4.    You can decide if you want to take our recommendation.

5.    There are no fees for the consultation. A fee is only payable if you decide to submit a mortgage application. As all our advisers are paid a salary, and not commission, there is no pressure.

6.    95% of customers are happy with the advice they get from Which? Mortgage Advisers.

Your home may be repossessed if you do not keep up repayments on your mortgage.


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