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When was the last time you reviewed your mortgage options?

It is important to regularly review your mortgage options, and that is where mortgage intermediaries can often help.

Paragon’s latest Financial Adviser Confidence Tracking (FACT) Index, based on interviews with 200 mortgage intermediaries, shows that nine out of ten intermediaries maintain mortgage maturity records, while 83% reach out to customers with a view to persuading them to review their options and identify opportunities to secure a better deals at the end of their initial mortgage term.

The study found that 43% of customers opt for a switch product with their existing lender rather than remortgaging when their mortgage reached maturity.


Two thirds of intermediaries said they would never or only rarely recommend a product swich at a higher rate, while one third said that they would do so in certain circumstances for the benefit of convenience.

The findings come at an interesting time as the FCA completes its current Mortgage Market Study, due to report at the end of 2018, looking at consumers’ ability to make effective choices when selecting a mortgage.

In an interim report in May, the FCA pointed to high levels of consumer engagement in the mortgage market, with over three quarters of customers switching to a new mortgage deal within six months of moving onto a reversion rate.

John Heron, managing firector of mortgages at Paragon said: “These findings demonstrate the important role intermediaries play in encouraging competition and choice in the mortgage market, offering a proactive prompt to customers to review their options at the end of their current deal.

“What’s interesting is how intermediaries encourage customers to weigh the benefits of a switch product with an existing provider against a remortgage with a new lender when deciding what action to take.”

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