Own mortgage knowledge improves with age

A new survey has revealed changing attitudes to mortgage rates.

The poll of over 2000 adults aged 16-75 in Great Britain carried out by Ipsos MORI, on behalf of Fairstone, a chartered financial planning companies, has thrown light on attitudes towards mortgages.

It found that, of those who had mortgages, 66% were aware (either fully aware or aware of but not in detail) of how their current mortgage rate compared with the best rates in the current market.

77% of 55-75 year olds said they were aware compared with 62% of 35-44 year old, but only 42% of 16-24 year olds with a mortgage said they were aware how their current mortgage rate compared to the best rates in the current market.

In the 2010 online survey conducted amongst adults 18+ by ICM, which use a different set of questions, only 39% of home-owners said they were aware of how their current mortgage interest rates compared with market-leading rates. In addition, 50% in full-time employment were aware and 26% of those without employment were aware.

In the 2017 survey, those working more likely to be aware of how their mortgage rates compared with the best rates in the market at 68%, compared with those not working, where only 56% were aware.

Respondents with a higher education qualification (71% were significantly more likely to be aware of how their mortgage compared with the best rates in the market compared with those who have no formal qualification (43%).

Peter Savage, chartered financial planner at Fairstone, said: “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.”

Exit mobile version