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Tracker mortgage loyalty deserves reward

Date: Thu, 28 Apr 2005

Tracker mortgage customers believe they should be rewarded for loyalty, new research reveals.

A study commissioned on behalf of the Britannia Building Society found that 65 per cent of British homeowners expected to be rewarded if they stay with their existing mortgage provider.

The survey also showed that consumers that did not feel that their loyalty was being rewarded appropriately were more likely to switch provider.

Tim Franklin, managing director of member business for the Britannia Building Society, said: "Moving mortgages is a growing trend, as it becomes easier to do and is more widely promoted.

"Some lenders offer special offers too, so that homeowners can sometimes make a switch with minimal cost to themselves and with a large cost saving overall. Customers are now much more knowledgeable about the options available to them."

Mr Franklin advises mortgage holders to ensure any new deals are available to existing customers, make sure the rate is competitive and they can select the type of mortgage that is right for them and look into whether they receive any other benefits from their mortgage provider.

He also suggests ensuring interest on the mortgage is being calculated on a daily basis and shopping around for buildings insurance.

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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.