New research shows 1 in 10 in UK focused on mortgage savings
12th June 2012
New research from Yorkshire Bank has today (12th June 2012) shown that people in the UK remain focused on their finances with more than 1 in 10 planning to remortgage, pay-off or make over payments to their mortgage in the next 12 months.
People in the Midlands are most likely to review their arrangements, with 17% planning to remortgage, make over payments or pay-off their mortgage compared to just 6% in the North East.
| Area | % planning to remortgage, pay-off or make over payments to their mortgage in 2012 |
| Midlands | 17% |
| Yorkshire | 16% |
| South West | 15% |
| South East | 15% |
| Scotland | 15% |
| London | 12% |
| UK | 11% |
| North West | 10% |
| East | 9% |
| Wales | 7% |
| North East | 6% |
Steve Reid, Retail Director for Yorkshire Bank, said: "A mortgage is the biggest financial commitment that many people have and we welcome this research which shows that 11% of people in the UK are focused on their mortgage arrangements.
"Whatever your situation Yorkshire Bank has a range of competitive products for those looking to buy a new home, remortgage their current property or even take the first step onto the property ladder.
"Our fee free mortgage offer is designed to help people find the correct mortgage to suit their individual needs without having to pay an arrangement fee."
The research also highlighted that the majority of people (51%) are planning to stay in their current property for the next 12 months. Almost a quarter (23%) are very settled stating that nothing would encourage them to move while a further 30% would only move out of necessity such as an addition to the family or change of job.
Those in the East appear to be the most content with 29% stating that nothing would encourage them to move compared to just 14% in Scotland.
| Area | % stating nothing would encourage me to move |
| East | 29% |
| North West | 28% |
| South West | 27% |
| South East | 25% |
| Yorkshire | 25% |
| UK | 23% |
| Wales | 21% |
| Midlands | 19% |
| London | 18% |
| North East | 18% |
| Scotland | 14% |
Although people are happy in their homes almost a quarter (24%) still plan to improve or extend their property over the next 12 months.
Steve Reid, added: "People often only think about changing mortgage when they move but even those that are very settled in their current home can remortgage to ensure they have the best mortgage for their needs."
Homeowners that are keen to move or remortgage their current home can take advantage of a fee free mortgage offer from Yorkshire Bank representing a saving of £999. The offer is available until 14th July 2012.
In addition, Yorkshire Bank has a five year fixed rate mortgage at 3.79%* with no legal or valuation fees for customers remortgaging from another lender*.
More information is available at local branches of Yorkshire Bank, by calling 0800 20 21 22 or online at www.ybonline.co.uk.
*Terms and conditions apply.
You can find impartial information and guidance on money matters on the “Money advice service” website.
Yorkshire Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.