Castle Trust’s nationwide survey found that two thirds (66%) of mortgage customers believe there is little differentiation between current mortgage products.
Sean Oldfield, chief executive officer, Castle Trust said: “There is clearly strong demand for more innovation in the mortgage market.
“Given the Government’s recent endorsement of shared equity through the launch of Help to Buy, the Partnership Mortgage model is very much in the spotlight. We are constantly trying to build on our innovative products and we’re delighted to see the Government following suit.”
Londoners (70%) and those in Scotland and the North West (69%) are the most concerned with a lack of differentiation in mortgage products.
Those in Eastern England were most content with the choice of mortgage products but only one in four of them said they are happy with the choice of mortgage products available.
The survey also found that two out of five homeowners would welcome the opportunity to cut mortgage costs through shared equity schemes.
