22pc fail to adequately research their mortgage
The research found that 22% of borrowers spend a week or less looking into mortgage products before they make a decision to buy, with almost half of borrowers (49%) spending a month or less on research.
Jonathan Barrett, head of The Legal & General Mortgage Service, said: “The results of the survey highlight a bemusing approach to how people select their next mortgage.
“A mortgage is likely to be the largest financial commitment many will make and yet one in five buyers are happy to spend less than a week considering it.
“The mortgage market can be extremely complicated, and a ‘one size fits all’ approach won’t be suitable for everyone.”
The research was carried out to coincide with the launch of the Mortgage Service from Legal & General which provides potential borrowers with access to whole of market mortgage advice through L&G’s network of mortgage advisers.