Less than a third of mortgage customers have considered switching recently [Video]

Less than a third (28%) of mortgage customers have considered switching their mortgage provider in the past year, research from Banking & Payments Federation Ireland (BPFI) shows.

Only a third (34%) have looked for information on mortgage rates available in the past six months, and 27% have researched mortgage products available in the market. 

The findings show that many mortgage customers are not aware of information that can be important when comparing rates.

Some 28% of respondents said they don’t know the current loan-to-value (LTV) ratio on their mortgage and a quarter (25%) don’t know their home’s building energy rating (BER).

The research is being published as BPFI and mortgage lenders roll out a major nationwide information and awareness campaign to encourage customers to look into their switching options.

The campaign, which will be broadcast on national radio, digital and social media, also outlines what to consider while shopping around as well as the steps involved in getting ‘switcher …