One in four don’t shop around for mortgage

The research showed that people aren’t doing their homework when choosing a mortgage with a quarter (23%) who have taken one out or remortgaged in the past five years saying they didn’t shop around enough.

Worse still, of the four in ten (40%) people who have taken out a home loan with their main bank account provider, a third (35%) say they didn't shop around enough.

It is vital that people get information and advice to help them choose the right mortgage and those who got their mortgage through a broker were more likely to think they’d shopped around enough (70% compared to 57%) than those who went directly to the lender.

One in five (19%) who didn’t receive independent advice said they regretted not seeking it.

Consumers also need to be aware that the quality of advice can vary from different sources. A third (32%) of people who spoke to bank staff when looking for their mortgage said they received poor advice.

Mike Lawton, managing director of Which? Mortgage Advisers, said: “It’s worrying that some people are making one of the biggest financial decisions of their lives without fully comparing all the options or getting the quality information and advice they need.

“At Which? Mortgage Advisers, our independent experts look across the market to ensure every customer gets the right mortgage for them.”