New Fairstone survey reveals changing attitudes to mortgage rates

An independent Ipsos MORI survey of more than 2000 people published today by Fairstone, one of the UK’s largest chartered financial planning company throws light on how consumer attitudes have changed towards their mortgages between 2010 and 2017.

In the 2010 survey, only 39% of respondents nationwide were aware of how their current mortgage interest rates compared with market-leading rates. There was a considerable improvement in the 2017 survey, with 66% of respondents who have a mortgage aware of their current mortgage deal.
Of those who had mortgages, the age group most likely to be aware of how their deal compared was the 55-75 age group at 77% with the 35-44 age group at only 62%. The lowest scoring age group, perhaps predictably, was the 16-24 age group at just 42% awareness.

Those in some form of employment were more likely to be fully aware of their mortgage rates at 68%, compared with those not working, where only 56% were aware. In the original 2010 survey, of employed respondents, 50% in full-time employment were aware and 26% of those without employment were aware.

Respondents with a higher education qualification were significantly more likely to regularly monitor their mortgage rates (71%) compared with those who have no formal qualification (43%).

Peter Savage, Chartered financial planner at Fairstone commented:

“It is positive and very encouraging to see the rise in market awareness, perhaps improved by greater use of online comparison tools and with interest driven by the strong residential property market of the past decade. Regardless of age or qualifications we would urge all those with mortgages or those seeking one, to get the help of an independent financial adviser or specialist mortgage broker who will be able to guide the decision-making process and ensure the best arrangement for their client.
“Fairstone wrote over £1bn of mortgage lending in 2016 and as a whole of market adviser, we are committed to helping our clients get the most appropriate mortgage products to meet their needs.”

To find out more about the options available to you, contact Fairstone on 0845 605 0689 or email info@fairstone.co.uk for further information.

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