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Are you one of the 75% that have never remortgaged?

Tuesday, December 13, 2016 11:20:00 AM

Nearly 75% of mortgage borrowers have never remortgaged and could be missing out on saving thousands of pounds over their mortgage term.

According to a new survey by an online mortgage broker, just a quarter (28%) of British mortgage borrowers have switched lenders in search of a better deal.

A study of YouGov over 4,000 people found that mortgage holders were more than twice as likely (63%) to have switched energy provider than their current mortgage lender, despite the annual savings from doing so being far lower.

Switching energy provider can lead to savings of around £200 a year, a small sum compared to the additional £2,800 over the odds the average UK household pays by not shopping around for the best mortgage.

In August, the Bank of England cut the base rate for the first time in seven years to 0.25%, prompting mortgage lenders to slash rates. The move was designed to put more money in the pocket of consumers, but millions of borrowers are failing to review their mortgage, with a staggering 94% saying they haven't considered switching to a better deal since the base rate was lowered.

When asked, what had stopped them switching mortgage, one in five borrowers said they feared the process would be too much hassle, while 14% claimed it was too complicated. Here at The Mortgage Brain we take the complication and hassle out of the process for you.

Around one in seven (15%) claimed they haven't switched because they thought they would be penalised for doing so, while just 7% said they stay with their current lender out of loyalty.

Enzo Mora, the MD of The Mortgage Brain in Gloucester commented: "It's shocking that almost 75% of mortgage borrowers have never switched mortgage lender in search of a better deal. Its something we regularly do with our utility suppliers, mobile phone suppliers and even with foot shopping to ensure we get best value for money. Households across the UK are throwing away thousands of pounds every year by failing to take advantage of the best rates on the market by remortgaging.

A huge issue is the lack of awareness and many homeowners are simply reluctant to face the ordeal of switching. However, with mortgage rates at record lows, and mortgage brokers and lenders making switching mortgages easier than ever, now is the time for borrowers to take charge of the situation."

If you are interested in saving yourself money on your mortgage payments then please contact the Mortgage Brain on 0333 340 8888 or email info@themortgagebrain.net. We would be delighted to help you review your mortgage and offer some options to save you money on your annual mortgage payments.

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