Research from the UK Mortgage Council also showed that first-time buyers, including buyers who had returned to the property market after a break, were more likely than any other group to purchase additional products when taking out a mortgage.
The report said: “Such products were particularly unpopular with respondents who had been active in the mortgage market but remained in their original property. They stated that they had not bought these products as they had them already.
“This was not the case for most first-time buyers and take up rates indicate that first-time buyers will frequently purchase additional products at the point of mortgage sale, including products which are unrelated to the property or mortgage.”
