The feeling of security afforded by a fixed
interest rate is the most
popular feature for UK consumers when it comes to choosing a
mortgage, a survey by
checkmyfile.com has found.
Best Mortgage Re The 2006 Mortgage Lender Survey found fixed
interest rates, closely followed
by the reputation of the lender as the top two attributes most
likely to make Britons choose a mortgage product.
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Mortgage Re The survey also found that consumers generally regarded features
such as higher lending multiples and the absence of higher lending
charges - the fees charged by lenders when extending loans of more
than 75 per cent of the value of the property - were amongst the
least popular reasons for choosing a mortgage provider.
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Bad Credit Mortgage Re Uk Barry Stamp, Joint Managing Director of checkmyfile.com, the
UK's leading provider of online credit files to consumers, said:
"Our survey suggests the average UK consumer tends to be much more
cautious when choosing a mortgage, compared to choosing other forms
of credit which tend to be crisis-led. Consumers look for some
stability when it comes to what is likely to be their largest
monthly outgoing. Despite the relatively stable interest rate
environment we have enjoyed for
some years, they are keen to protect themselves from interest rate
shocks."
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French Mortgage Re The motivation for choosing a mortgage was found to differ
between the genders in two distinct ways.
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Mortgage Re Uk Mortgages Barry Stamp added: "The top priority for men, when it comes to
choosing a mortgage, is a fixed interest rate. Women, on the other
hand, look at the reputation of a lender as the most important
factor in choosing a mortgage.
Getting a quick decision is also
a key factor for men. Women are far less concerned about how
quickly their mortgage offer appears."
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Mortgage Re Uk Mortgage As consumers get older, the key factors in choosing a mortgage
product also change.
Financing Mortgage Re "Consumers in their 20s tend to look for the security offered by
fixed rate mortgages, the reputation of the lender and the level of
fees charged. They are not so concerned about how quickly they get
confirmation of their mortgage offer - probably as they have no
prior experience to base an expectation of the time a mortgage
application can take.
Mortgage Re Uk "Consumers in their 30s also look to fixing their interest rate,
and are more likely to be an existing customer of the lender. They
are, however, looking for a quick decision on their mortgage
offer.
Association Lender Mortgage "When a consumer reaches their 50s, their priorities have
changed significantly. The top priorities for this age group are to
choose a mortgage that gives them the ability to vary repayments
and they are keen to choose a lender with a strong reputation. A
quick mortgage offer in writing is also a key priority," said
Stamp.
Best Deal Mortgage Re With the reputation of mortgage lenders being the second most
important factor for UK consumers in their choice of mortgage, the
2006 Mortgage Lender Survey asked respondents about the customer
service levels of the top UK mortgage lenders.
In Midlands Mortgage Re 60% of respondents to the survey rated the standard of customer
service provided by mortgage lenders as 'excellent' or 'very good'.
One in six consumers were dissatisfied with the standard of
customer service received.
Mortgage Quote Re Northern Rock and Nationwide were rated by respondents as the
best mortgage lenders for their high standards of customer service.
At the other end of the scale were Halifax and Barclays.
Broker Mortgage Online Re The full results of the
2006 Mortgage Lender Survey can be
viewed online on checkmyfile.com.
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