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Men seek low rate but women prefer mortgage security

Men look for the best deal when searching for a mortgage while women want security, according to a survey of brokers by specialist lender Sun Bank.

Fifty intermediaries were questioned during the last fortnight on what male and female clients are looking for from a mortgage and other financial products.

Sun Bank says brokers believe men have a greater initial understanding of mortgages and interest rates, absorb information more easily and make quicker decisions.

But brokers also said that men think they know more than they do, are suspicious of advice and expect things to be done very quickly while they themselves are poor at paperwork and returning calls.

Advantages of dealing with women listed by respondents are they are better organised, have a good grasp of their financial situation and are easier to deal with.

They are also more likely to listen to advice, are less concerned with getting the lowest rate and are loyal to their adviser. Although they take longer to make a decision, once it is made they tend to stick with the product purchased.

Sun Bank marketing director Chris Cummings says: “Academic research and the experience of brokers suggests that men are looking to do deals and accumulate wealth while women, who by nature appear to be far more cautious, are more concerned with security. Brokers will be making a mistake if they try to sell to men and women in the same way.”

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