Mortgage Switching 2017
This consumer research examines the behaviours of consumers in relation to switching mortgages and the mortgage market in Ireland. It was undertaken for the CCPC by Amárach Research. The research took the form of six focus groups (eight persons per group) of mortgage holders with three of the groups consisting of people who had previously switched their mortgage.
Key summary findings:
- Consumers have limited knowledge – they have limited knowledge of mortgages and how they work. They understand the concept of repayment in cash terms but not much more than that. The lack of knowledge makes them worried about taking risks
- They have limited confidence – they fundamentally believe that mortgages and mortgage switching is complicated. Those who switched have more confidence (which is either why they switched or because they switched) but it would not be hard to knock them off track and damage their confidence
- They have limited understanding of the mortgage market, how it works and how it has changed
- And as a result of all of the above, many are worried about taking risks in relation to mortgages
