Switching Mortgages - Market Research Findings

[Sarenco]

I came across this market research from last year on the mortgage switching market that I hadn't seen before and thought was worth posting -

http://ccpc.ie/mortgage-holding-switching%0B-market-research-findings

Summary of key findings:-

• 1 in 6 have compared mortgage offers in the past 5 years, with online searches being the most popular method of making comparisons.

• The main reasons cited for not comparing or switching mortgages are

• not thinking that switching would yield any benefit,
• never really considered switching and
• currently being tied into a tracker (or for some, a fixed) mortgage.

• A quicker, more efficient switching process and clear and transparent information on the upfront costs involved in switching were cited as the top two suggested methods which might encourage switching.