The research, conducted through Direct Line's 21st Century Living index also revealed an increasing number deciding saving time as well as saving money is important.
Marking the launch of Direct Line’s new Living for Less mortgage package, the YouGov research shows 68 per cent would consider a package deal that includes: mortgage, home insurance and free emergency cover if it saved them time and money.
Direct Line has launched Living for Less - a mortgage package which incorporates a choice of competitive fixed rate or tracker mortgages, discounted home insurance and free home emergency cover to protect your home for two years, worth at least £71 per year.
By packaging these three key home products together, Living for Less aims to provide great value to the consumer, whilst also reducing the amount of time it takes to obtain these products. For the average home owner on their mortgage alone, the savings could be £3,256 over two years, compared with Moneyfacts average mortgage rate.
David Allan commercial director for Direct Line’s Living for Less mortgage package, commented: "As our everyday lives become more hectic, customers are increasingly looking for hassle-free financial products that save them both time and money. Living for Less is a unique mortgage package that does exactly that."
The research from YouGov found that, when taking out their last mortgage, 79 per cent contacted just three mortgage providers or less, with 60 per cent thinking the process takes too long and 36 per cent thinking the process is too complicated. A third of those aged 30-50 said they found the process too complicated, compared to over half (52 per cent) of 18-29 year olds, which gives an interesting insight into the first time buyer market.
Living for Less also offers free legal and valuation fees for those remortgaging - making it the one of the best deals in the market in terms of the true cost and repayment over a two year period.
David Allan added: "Buying your first home or remortgaging can be an expensive and time consuming ordeal, but by combining the three key home products in a great value package, Direct Line’s Living for Less mortgage package has tried to ease some of this stress and simplify this process, making it hassle-free. This package deal is a real benefit for first time buyers as well as remortgagers."
Furthermore, two thirds of homeowners are contacting just three insurance providers or less and 18 per cent are opting not to take out home insurance at all.
Key features of Living for Less
- Competitive mortgage deal - current pay rate of 4.50 per cent (for 2 year tracker) 4.74 per cent (2 yr fix) 4.74 per cent (3 yr fix) and 4.84 per cent (5 yr fix)
- Maximum LTV of 95 per cent
- £449 arrangement fee
- 20 per cent off home insurance for both years one and two
- Free home emergency cover worth at least £71.55 per year
