|
Borrowers need to shop around on new mortgages, says IFA
14 November 2007 11:30
Homeowners who look for new mortgages with lenders other than their current provider could make considerable savings, according to one independent financial adviser (IFA).
Adrian Kidd, who belongs to the Mint Financial Service network, said that given the high degree of coverage that different mortgage products now get in the media, there is no excuse for borrowers not to have switched or considered switching providers before.
He added that the process is fairly simple and even in cases where it is not, the chance to leave their lender's standard variable rate and save up to £300 a month should be enough to convince homeowners that it is worth the hassle.
Mr Kidd warned borrowers, however, that it is important to remortgage with the aid of a good broker as while a new deal may offer a more attractive rate than the one they are presently on, there could be high fees attached that could mean they lose money overall.
It would nonetheless appear that many borrowers share his views on the value of remortgaging, with recent figures from estate agent Spicerhaart indicating that the number of people changing their mortgage rose by 35 per cent over the past six months.
|
