Borrowers unaware of switching savings
13 November 2007
Many UK homeowners have never switched mortgage lenders and could be paying over the odds in monthly repayments, an independent financial advisor has stated.
Adrian Kidd, an IFA with Mint Financial Services, said that he was "surprised" to hear the results of a recent survey by mform that found as many as 40 per cent of mortgage borrowers have never changed their lender.
Indeed the same data shows that just 25 per cent of homeowners have switched once, while around 16 per cent have switched lender at least three times.
Mr Kidd said that many mortgage borrowers could be forking out far too much money each month by not going through what is essentially a pain free move.
"The process can be fairly painless if you've got someone who knows what they're doing," he explained.
"Even if the process is painful, if you're paying the standard variable rate and have been for five years, with the average mortgage lasting 25 years, you're chucking away a hell of a lot of money," he said.
