Poll
41% of Scottish borrowers switch mortgages
The study by online mortgage broker Trussle and carried out by YouGov found that Scottish borrowers were four times more likely than those in the West Midlands to switch.
Research also revealed that borrowers in the West Midlands are most likely to be on an expensive standard variable rate (SVR).
Some 25% of borrowers in the West Midlands – the highest figure for any region – indicted that loyalty to a lender prevented them from them from switching mortgage.
In August 2016, the average annual savings gained by switching from an SVR to a market-leading fixed rate rose to £3,500.
This was due to the Bank of England making its first adjustment to the base rate in over seven years – from 0.5% to 0.25%.
Ishaan Malhi, CEO and founder of Trussle, said that the number of homeowners in the UK that have never switched mortgage provider to secure a better deal is worrying.
“When you consider that only two in five people have remortgaged to reduce their repayments in Scotland – the most proactive region of mortgage switchers – you start to appreciate the scale of the challenge we face as a nation.
“December saw more homeowners switch mortgage than any other month during the last eight years, thanks to historically low interest rates, but these people still represent a small fraction of those eligible to switch to a more suitable deal.
“Much of the complexity and hassle has been eliminated from the switching process as lenders and brokers start to embrace technology.
“This makes it an ideal time for the remaining three million UK homeowners paying their lender’s standard variable rate to start thinking about switching to a more suitable mortgage deal.”
Rank |
Region |
% of borrowers who have switched mortgage |
1 |
Scotland |
41% |
2 |
East of England |
39% |
3 |
Wales |
36% |
4 |
London |
29% |
5 |
South West |
28% |
6 |
South East |
27% |
7 |
Yorkshire and the Humber |
26% |
8 |
North East |
25% |
9 |
North West |
25% |
10 |
East Midlands |
23% |
11 |
West Midlands |
11% |
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