Homeowners more likely to switch energy provider than mortgage

Homeowners are more likely to switch their energy provider than mortgage lender according to research from online mortgage broker Trussle.

While just 28% borrowers have switched mortgage provider 63% have switched energy provider.

One in five borrowers failed to switch mortgage because they feared it would be too much hassle, 15% thought they would be penalised, 14% saw it as too complicated and 7% stayed with their current lender out of loyalty.

Trussle claimed the average UK household pays £2,800 over the odds per year by not shopping around for a mortgage.

Ishaan Malhi, its chief executive and founder, said: “It’s shocking that almost three quarters of mortgage borrowers have never switched provider in search of a better deal.

“Especially as households across the UK are throwing away thousands of pounds every year by failing to take advantage of the best rates on the market.

“Part of the problem is clearly a lack of awareness, but many borrowers are simply reluctant to face the ordeal of switching.

“However, mortgage rates have fallen to record lows, and technology is making switching mortgages easier than ever. Now’s the time for borrowers to take charge of the situation.”