Why don't people switch their mortgages?

Money savings rather than better service more likely to tempt those considering a change

A report from uSwitch.com looking at 2,000 consumers’ switching behaviour - 'Is switching a state of mind?' - says that "switching is still viewed by many with trepidation, uncertainty and anxiety".

Of those questioned, 80 per cent said they were aware of the possibility of changing mortgage providers, a much lower figure than for all other providers with a high of 95 per cent for energy suppliers.

The main reason given for not switching was a perception that mortgages and bank accounts are hard to change and potentially have the biggest impact if something goes wrong during the changeover. As a result, mortgages are among the services that people say they are least likely to switch - alongside digital TV and bank/current account - and the ones for which they would need to see the highest monetary reward in return for doing so.

A fifth said they were put off switching because they were happy with their current mortgage provider.

More than six out of ten mortgage customers said they assumed switching would be difficult, although three quarters in fact reported that they found the move easy.

Just over a third said they would need to have a 'very bad experience' with their current provider before they switched and on average would need to be offered at least a saving of £177.

Indeed, when asked what would be most likely to make them switch, 83 per cent said money compared to 17 per cent who opted for better service.

"What should be a simple solution to making bills cheaper has been placed off limits with many consumers unwilling or unable to get past the barriers they perceive to be in the way," said Ann Robinson, Director of Consumer Policy at uSwitch.com.

A second study by Gocompare.com reveals similar results, including the statistic that more people stayed loyal to their mortgage provider in the last year, than their employers or partners - 2 per cent switched their mortgage compared with 11 per cent who changed jobs and 3 per cent who changed their partners.

Discover more property articles at Homes and Property
PROMOTED VIDEO
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Sales Consultant – Permanent – West Sussex – £24-£25k plus commission and other benefits

£24000 - £25000 Per Annum plus company car and commission: Clearwater People S...

SEN Teaching Assistant

£45 - £65 per day: Randstad Education Bristol: Supply SEN Support Jobs in Bris...

SEN Teaching Assistant

£45 - £60 per day: Randstad Education Bristol: Supply SEN Support Jobs in Glou...

Humanities and Economics Teacher - January 2015 - Malaysia

£18000 - £20400 per annum + Accommodation, Flights, Medical Cover: Randstad Ed...

Day In a Page

Isis in Syria: A general reveals the lack of communication with the US - and his country's awkward relationship with their allies-by-default

A Syrian general speaks

A senior officer of Bashar al-Assad’s regime talks to Robert Fisk about his army’s brutal struggle with Isis, in a dirty war whose challenges include widespread atrocities
‘A bit of a shock...’ Cambridge economist with Glasgow roots becomes Zambia’s acting President

‘A bit of a shock...’ Economist with Glasgow roots becomes Zambia’s acting President

Guy Scott's predecessor, Michael Sata, died in a London hospital this week after a lengthy illness
Fall of the Berlin Wall: History catches up with Erich Honecker - the East German leader who praised the Iron Curtain and claimed it prevented a Third World War

Fall of the Berlin Wall

History catches up with Erich Honecker - the East German leader who praised the Iron Curtain and claimed it prevented a Third World War
How to turn your mobile phone into easy money

Turn your mobile phone into easy money

There are 90 million unused mobiles in the UK, which would be worth £7bn if we cashed them in, says David Crookes
Independent writers remember their Saturday jobs:

Independent writers remember their Saturday jobs

"I have never regarded anything I have done in "the media" as a proper job"
Lyricist Richard Thomas shares his 11-step recipe for creating a hit West End musical

11-step recipe for creating a West End hit

Richard Thomas, the lyricist behind the Jerry Springer and Anna Nicole Smith operas, explains how Bob Dylan, 'Breaking Bad' and even Noam Chomsky inspired his songbook for the new musical 'Made in Dagenham'
Tonke Dragt's The Letter for the King has finally been translated into English ... 50 years on

Buried treasure: The Letter for the King

The coming-of-age tale about a boy and his mission to save a mythical kingdom has sold a million copies since it was written by an eccentric Dutchwoman in 1962. Yet until last year, no one had read it in English
Can instilling a sense of entrepreneurship in pupils have a positive effect on their learning?

The school that means business

Richard Garner heads to Lancashire, where developing the 'dragons' of the future is also helping one community academy to achieve its educational goals
10 best tablets

The world in your pocket: 10 best tablets

They’re thin, they’re light, you can use them for work on the move or keeping entertained
Lutz Pfannenstiel: The goalkeeper who gave up Bayern Munich for the Crazy Gang, Bradford and a whirlwind trawl across continents

Lutz Pfannenstiel interview

The goalkeeper who gave up Bayern Munich for the Crazy Gang, Bradford and a whirlwind trawl across continents
Pete Jenson: Popular Jürgen Klopp can reignite Borussia Dortmund’s season with visit to Bayern Munich

Pete Jenson's a Different League

Popular Klopp can reignite Dortmund’s season with visit to Bayern
John Cantlie video proves that Isis expects victory in Kobani

Cantlie video proves that Isis expects victory in Kobani

The use of the British hostage demonstrates once again the militants' skill and originality in conducting a propaganda war, says Patrick Cockburn
The killer instinct: The man who helps students spot potential murderers

The killer instinct

Phil Chalmers travels the US warning students how to spot possible future murderers, but can his contentious methods really stop the bloodshed?
Clothing the gap: A new exhibition celebrates women who stood apart from the fashion herd

Clothing the gap

A new exhibition celebrates women who stood apart from the fashion herd
Fall of the Berlin Wall: Goodbye to all that - the lost world beyond the Iron Curtain

The Fall of the Berlin Wall

Goodbye to all that - the lost world beyond the Iron Curtain