Borrowers are singing the praises of current account mortgages, says a new survey.
Homeowners with traditional mortgages tend to keep quiet about them while those with new style current account mortgages are happy to refer them to friends and family, according to a survey by ICM Research for Virgin-Direct.
The survey of 1,004 people found an average three out of four homeowners with a flexible or current account mortgage say they would encourage a friend or family member to purchase the product. Homeowners with a standard variable rate loan were the least likely to sing its praises, with just over half saying they would recommend their deal.
The results spell good news for brokers. Robert Clifford, managing director of mortgageforce, said: ‘Our consultants are finding that recommending a product that attracts such high levels of referral can only mean good news, as the chances are that your client will recommend you to their friends and family as well as the product itself.’