Research from Yorkshire Bank has found that borrowers are not the rate tarts that some lenders have purported them to be, as many would stay with their lender even if it meant higher interest rates.
47 per cent of those questioned said that they knew they could save money on their mortgage if they moved but felt safer staying where they were.
John Wight, general manager of business development at Yorkshire Bank, said: “Despite chopping and changing as our circumstances and needs alter to make the most of our personal lives, this study has shown that many of us do not approach our finances in the same way, failing to reassess the options to make sure sure our mortgages, savings accounts, loans or credit cards continue to best meet our financial requirements.
“Our research among homeowners gives us an increasing insight into their approach to decision making. Financial needs change as lives progress and what was right for someone when they were young free and single might not be their best option a few years down the line. Yet according to our research, more than 54 per cent have banked with the same bank all their life and 47 per cent of homeowners still have the original mortgage they took out as first time buyers.”
