Moneyfacts.co.uk runs monthly user polls on its website. These polls give a valuable insight into the consumer’s mind.
May poll highlights:
31% of consumers hold their mortgage with their main bank.
23% of consumers have an endowment mortgage.
43% of consumers would not choose a savings account with an introductory bonus.
32% of consumers do not have a branch of their bank local to them.
Emma Butler, Moneyfacts.co.uk Editor comments: "With all the recent scandal covering endowments, almost a quarter of consumers having this type of repayment vehicle on their mortgage could be a worrying statistic. Almost a third of consumers having taken out their mortgage with their main bank could also be a concern. It may be that their current bank offered a good deal but this could also highlight that consumers do not shop around for their mortgage. One percentage point on a mortgage rate can make a huge difference to repayments. For instance, on a £100,000 repayment mortgage over 25 years, the difference in monthly repayments on a rate of 5% and 6% is almost £60 per month – almost £18,000 over the term of the mortgage."
FULL SURVEY RESULTS – source Moneyfacts.co.uk:
(Sample – users of Moneyfacts.co.uk)
Do you hold your mortgage with your main bank? (3746)
YES: 31%
NO: 69%
Do you have an endowment mortgage? (2967)
YES: 23%
NO: 77%
Do you use a credit card when abroad? (2007)
YES: 69%
NO: 31%
Do you have a gold or platinum card? (1644)
YES: 63%
NO: 37%
Did you apply for your loan over the internet? (243)
YES: 53%
NO: 47%
Do you have more than one personal loan? (212)
YES: 19%
NO: 81%
Do you have to give notice to access your savings without penalty? (2242)
YES: 33%
NO: 67%
Would you choose a savings account with an introductory bonus interest rate? (1985)
YES: 57%
NO: 43%
Does your bank have a branch local to you? (577)
YES: 68%
NO: 32%
Do you shop around for the best deals for foreign currency and travellers cheques ? (434)
YES: 55%
NO: 45%
