Existing homeowners that are scared of switching mortgage lenders could end up paying more than they need to, according to Cheltenham & Gloucester (C&G).
Stephen Noakes, marketing director of C&G, said that although the number of mortgage products available has fallen, homeowners that own more than half of the equity in their property still had "a lot of deals" to choose from.
Recent research by Tickbox and Opinion Matters for the lender revealed that 32 per cent of people would rather go for a higher rate of repayment rather than risk rejection from another mortgage provider.
Mr Naokes said that there is no doubt the mortgage market has changed in the last 12 months as the number of mortgage deals available has concertinaed from 15,000 to 5,000.
The marketing director added that, through a survey of people who were due to remortgage in the next year, it was found that over 30 per cent felt that they have no option but to stick with their current lender.
"The concern there is that they may end up paying more for their new mortgage deal than they need to," he said.
The Tickbox and Opinion Matters poll also found that 42 per cent of homeowners were worried about the lack of choice in the mortgage market.
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