Borrowers' reasons for staying with their current lender in the UK 2022
In 2022, the main reason for not changing their mortgage lender or switching to a new rate for borrowers in the UK was that they were satisfied with their mortgage. Among those who had not made any modifications to their mortgage, the most frequently cited reason for not changing was their satisfaction with their current mortgage, accounting for 34 percent of individuals. The proportion of individuals who cited the fixed rate as one of the primary reasons for not switching the lending institution was 28 percent. A significant proportion of the respondents also held the belief that they received a competitive rate and had secured a favorable mortgage deal.
