Almost Half of Mortgage Holders Did Not Compare Offers, Finds ESRI Research

In today’s fast-paced society, individuals seeking a mortgage often undergo a stressful and time-consuming process when it comes to comparing the different mortgage offers available. Unfortunately, recent studies show that this may not be a priority for almost half of mortgage holders. According to a survey, just under 50% of people who have taken out a mortgage failed to compare different offers before choosing their lender. This lack of due diligence may result in unnecessary expenses and missed opportunities, causing potential financial instability for many. Here, we delve into the survey’s findings and explore the possible reasons behind this trend.


New research by the Economic and Social Research Institute (ESRI) has revealed that almost half of mortgage holders did not compare their offers despite the differences in interest payments. The study was conducted by the think tank’s Behavioural Research Unit (BRU) and showed that consumers generally rely on personal recommendations or head to their usual bank when choosing financial products, even though better deals are often available elsewhere. The research surveyed almost 3,000 consumers on their behaviour in retail financial services and discovered that while 73% of consumers did not shop around when selecting their bank account, the same was true of 68% and 74% of people looking for loans and credit cards respectively. 46% of respondents failed to compare mortgage offers, which could result in savings worth tens of thousands of euros. The report suggested that consumers tended to consider the effort of comparing offers, the cost, the time, uncertainty about the process, and worries about making mistakes as barriers to better value products. Professor Pete Lunn, the head of the BRU, said that the next stage of the research will focus on designing digital tools to help people to understand the market better and to have confidence when shopping around for better deals.


In conclusion, the findings of this survey highlight the importance of educating oneself about the mortgage market and taking the time to compare offers before committing to a lender. By doing so, homeowners can potentially save thousands of euro over the course of their mortgage term. With the help of online comparison tools and the advice of a trusted financial advisor, one can make an informed decision that suits their individual needs and preferences. It’s never too late to review your mortgage and ensure you’re getting the best deal possible.