The results - from a survey of over 200 mortgage borrowers - complement the mystery shopping research results published by MCCB in July. The survey covered the way affordability issues are being addressed by mortgage firms in the whole mortgage sales process.
This research is the last to be commissioned by MCCB to gauge consumer opinion ahead of the FSA taking over regulation of the mortgage market on October 31 2004. The study was conducted by research specialists NOP World amongst a sample of first-time buyers, movers (those taking out a mortgage to move house) and those re-mortgaging their property without moving (re-mortgagers).
Luke March, chief executive, MCCB says: "MCCB is pleased that the research shows that consumers are taking the costs involved in taking out a mortgage seriously. The research reveals that the internet in particular is being used by homebuyers to access information prior to getting a mortgage, which means that consumers are able to make better-informed decisions when they come to arranging their mortgage through a lender or intermediary.
“Overall there is little evidence to suggest that repayments are more difficult to deal with than consumers expected when arranging a mortgage, which reflects overall sensible levels of borrowing and generally the provision of good quality advice and information from mortgage firms."