Homeowners concerned about mortgages, but not yet taking action, says ING

Although concerns about rising mortgage rates are growing among homeowners, not everyone is taking action. According to research by ING, the enthusiasm to comb through mortgages and look for alternative options is lower than enthusiasm to complete an income tax return.

“Therefore, most homeowners do not know how long their mortgage or mortgage interest will last,” said ING in a housing market report. They likened the behavior to an ostrich burying its head in the sand.

A minority of 39 percent of the surveyed homeowners examined their mortgage in the past six months. The possibility of finding cost savings was identified as the main reason. A quarter of homeowners have already taken action to refinance their mortgage or to fix their interest rate earlier.

According to the bank, homeowners are more concerned with saving on their energy bills. "Nearly 90 percent of those questioned are consciously working to reduce energy costs. Energy consumption and the energy label are now also much more important when looking for a home," said ING.

The bank emphasized that it is important to look over the mortgage terms regularly and to anticipate when a new fixed-interest period is coming. The survey was conducted among nearly 1,100 people.