Around 52 per cent of homeowners said they went directly to their bank to obtain their mortgage, a survey from Myvouchercodes.co.uk shows.
In a survey of 1,682 homeowners, 87 per cent said they did not look elsewhere for other rates or deals. When asked why they went straight to their bank for their mortgage, 61 per cent of those surveyed said it was “easy” to do.
Around 23 per cent of those taking part said their mortgage was through a bank they did not bank with, while 14 per cent had opted for a building society.
Some 59 per cent claimed to have “no idea” if they were getting the best rate for the mortgage, while 34 per cent felt they had “thoroughly researched” different options in order to get the best rate.
When asked if they felt they understood mortgages fully, 42 per cent admitted they did not.
Myvouchercodes.co.uk chairman Mark Pearson says: “Mortgages can be very confusing. With terms being thrown at you like ‘tracker’ and ‘fixed rate’, it is easy for things to seem complicated and I can see why many people want the easiest option of going to their bank and getting them to sort everything.
“However, one lender can offer a completely different rate to another, so you really need to shop around before buying a house. It is, after all, the most expensive thing you are ever likely to purchase and so a lot of thought and planning needs to go into it.”