Switching mortgage can produce ''significant savings''


Wed 7th Nov, 12:22:23 GMT

British homeowners are missing out by not shopping around when choosing a mortgage product, a new survey has suggested.

According to research conducted by mortgage firm mform.co.uk, 14 per cent of those who have come to the end of a mortgage deal did not look at products from other lenders before sticking with their existing provider.

A total of 40 per cent admitted that they had never switched lenders, with 13 per cent of people opting to take the deal that their provider offered them when their previous product expired.

Eamonn Rice, the chief executive of mform.co.uk, said: "Loyalty should be rewarded but the millions of mortgage customers who have never moved lender are potentially paying a massive price for not searching the market."

He added that although some people may be put off by the idea of having to fork out for high transfer fees, "the reality is that they can make significant savings".

Comparing mortgage products could become more important in the wake of recent turmoil on world financial markets which has compelled a number of lenders to re-price their products.ADNFCR-1143-ID-18346171-ADNFCR


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