Responding to news of a survey by mform which showed that 40 per cent of mortgage holders never switch, Adrian Kidd, an independent financial advisor with Mint Financial Services, said he was not surprised, but that people “don’t really have an excuse” not to know that better deals might be available.
Find a new mortgage deal
He added: “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.”
Find out how much your house is worth
Kidd stated that people looking to switch should get good advice to make sure they were able to move to a better deal which did save them cash.
Calculate your mortgage repayments here
Ray Boulger, senior technical manager for John Charcol, said tracker mortgages were currently a “good choice” for borrowers.
Find a best-buy mortgage
© Adfero Ltd
Loading ...