Millions of homeowners switch mortgage deal
Published On 6 February 2008
New research has shown that many homeowners have switched to more competitive mortgage deals in the last six months.Consumer site MoneyExpert.com found that a total of 1.39 million people in the UK have opted to change their mortgage in the previous half year.
The site found that people are increasingly prepared to shift their mortgage, despite increasing application fees and the threat of early redemption penalties.
"The uncertain financial climate of the past six months has forced many people to reassess their household budget with the mortgage top of the list of priorities," explained Sean Gardner, chief executive of the site.
"Plenty of people will have dumped a mortgage provider because they want to fix their rate while others will have been on the lookout for a new deal after coming off a competitive fixed-rate from times when rates were very low."
People aged between 35 and 44 are most likely to have switched their mortgage in recent months, while homeowners in the south were found to be the least mobile.
Resent figures from GE Money Home Lending showed that 36 per cent of people in the UK have a residential mortgage.
