52 percent of UK homeowners went directly to their bank to get mortgages, according to a survey by website Myvouchercodes.co.uk.
The study polled 1,682 homeowners, with 87 percent of respondents revealing that they did not shop around for other mortgage deals or rates. When asked why they went straight to their bank to get a loan, 61 percent said that it was “easy” to do.
At the same time, 23 percent of those polled got their mortgage from another bank, while 14 percent went to a building society.
Moreover, 59 percent said that they have “no idea” if they’re getting the best deal, with 34 percent stating that they “thoroughly researched” the different loans available on the market to find the best one.
However, when borrowers were asked if they clearly understood their loans, 42 percent admitted that they didn’t.
“Mortgages can be very confusing. With terms being thrown at you like ‘tracker’ and ‘fixed rate’, it is easy for things to seem complicated and I can see why many people want the easiest option of going to their bank and getting them to sort everything,” said Mark Pearson, Chairman of Myvouchercodes.
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