Not switching mortgages is the equivalent of turning down a huge pay rise!
More than a fifth of mortgage payers won’t shift to a new lender, no matter how good a new deal they are offered, according to research from YouGov and Habito. Mortgage experts say staying put is the equivalent of turning down a pay rise.
According to the new data, more than a third of borrowers haven’t changed their mortgage in the past five years, despite an abundance of deals on offer. This means that homeowners could be unnecessarily overpaying by thousands of pounds a year.
Most at risk of overpaying are homeowners whose deals have ended and have moved to their provider’s standard variable rate (SVR). Read more in this great article from www.homesandproperty.co.uk.