Dissatisfaction among young borrowers could lead to further growth in the remortgage market, according to new research by financial consultancy Fiserv, writes Ben Marquand.
The survey of 1,000 lenders found that homeowners aged 25 to 34 were nearly three times as likely as those over 50 to investigate the possibility of changing their mortgage deal.
However, more than one-third of young borrowers said they would be more likely to stay with their current lender if they showed more interest in helping them to manage their personal finances. This compared with 85% of borrowers over 50 who said they would still shop around for a better deal, despite being given more advice.
Phil Alcock, senior vice-president at Fiserv Europe, said: ‘For the first time, this shows that young professionals, despite their higher disposable incomes and more lavish lifestyles, are looking to be in control of their finances.’