Although mortgage business may have slowed over the past few months, a review will show the consumer that thousands of pounds could be saved by making the effort to switch to a better deal.
The fear that people are not saving for their future and retirement has been supported by these poll results. Consumers need to be educated as to the importance of this and guided as to which products suit their needs.
Results (Sample):
MORTGAGES:
- 27% of consumers do not know what the current interest rate is on their mortgage (3688).
- 41% plan to move house this year (8807).
- 43% switched mortgages over 3 years ago (3608).
- 66% would not incur a penalty if they switched products (2845).
- 50% are on a variable rate mortgage (4555).
- 36% have over £100K left on their mortgage (3596).
- 47% do not understand KFIs (3005).
SAVINGS / INVESTMENTS:
- 27% of consumers do not have an ISA (4909).
- 35% do not save regularly (6296).
- 24% do not have a pension (4330).
Emma Butler, Web Editor, comments: “These results show that there are potentially significant levels of of business to be had by the intermediary market. Looking at mortgages, almost half of the population is planning to move this year which will result in huge amounts of new mortgage business. Also, with two thirds of consumers not incurring a penalty if they change their current mortgage and half being on variable rate products, the likelihood is that many of these people would benefit from switching. As far as savings are concerned, with almost a quarter of the population not having a pension and over a third not saving regularly, it is clear that advice on financial planning for the future is desperately needed.”
