'No excuses' for failing to remortgage

Saturday, 17 November, 2007

In the wake of new research showing that two-fifths of people have changed their mortgage lender, an independent financial adviser (IFA) has warned that people are potentially "chucking away a hell of a lot of money".

A study by mform found that 40 per cent of mortgage borrowers have never changed their lender, 25 per cent have switched once, 15 per cent have changed twice and a resourceful 16 per cent have moved at least three times.

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Adrian Kidd, an IFA with Mint Financial Services, said the savings could be significant.

He added: "It surprises me that the percentage is so high because ten or 15 years ago it wasn't advertised as much, but nowadays, with these powerful media, people don't really have an excuse to not be informed."

Mr Kidd added that the mortgage loan market was "one of the most competitive" and insisted that the process of changing one's lender can be "fairly painless if you've got someone who knows what they're doing".

Source: http://www.saveborrowspend.co.uk/articles /news/927-no-excuses-for-
failing-to-remortgage