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Third of homeowners find change ‘scary’

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11/01/2016
Only one in 10 British homeowners are considering changing their mortgage provider and only one in eight would think of changing their bank
Third of homeowners find change ‘scary’

A third (34%) of homeowners associate change with ‘uncertainty’ and are nervous about changes imposed on them, according to a study by TSB. And 20% admitted outright that they find change ‘scary’.

So it’s not surprising that only one in 10 are considering changing their mortgage provider, despite the possibility of a better deal on offer, and just one in eight would switch their bank.

Barriers to change

A third of homeowners are worried about the negative consequences of making a change, whether financial or otherwise.

But of course, in 2016 some changes could be imposed on homeowners, particularly if there is a rise in interest rates.

Last month TSB published a report ‘Getting Britain #ReadyForRateRise’ which found that one in five (20%) of homeowners had ‘no idea’ how a rate rise would affect them, despite the fact that nearly three quarters (72%) are likely to see their mortgage payments increase if the Base Rate rises.

Ian Ramsden, director of mortgages at TSB, said: “People can get ready for a rate rise now so the change doesn’t come as surprise.  Being informed can help people cope with change much better.”

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