Fifteen Per Cent of Borrowers Never Switch Mortgage Lender [mortgageapproved.blogspot.com]
Rates have went down and my lender can't get me a better rate because I am already locked in." Do I switch lenders? What do I do?
mortgageapproved.blogspot.com Should I Switch Mortgage Lenders?
Some fifteen per cent of borrowers have never changed their mortgage lender, according to research from Go Compare.
Go Compare's business development director, John Miles, said: "Against a backdrop of rising prices for fuel and groceries, car insurance premiums at record highs and low interest rates on savings, consumers could make much needed savings by reviewing their financial products and switching to a better deal. But as our survey reveals nearly a quarter of consumers haven't switched on to the benefits of switching."
There could well be a whole host of far more attractive mortgage deals out there, but how do you find them? Comparison websites are all very well, but did you know, not every deal can be found on them?
Some mortgage lenders do not advertise their products on comparison websites and in fact, some of their deals are only available through independent mortgage brokers.
This is why it is good practice to seek advice from a whole of market mortgage broker who will scan the entire market to find you the best money saving deal.
Taking Away the Hassle
Many consumers reckon the ‘hassle' of switching lender is not worth the savings.
But a mortgage broker will take away this hassle by handling the switch, and all the paperwork, from start to finish on your behalf. So you get to save money, without spending any of your valuable time on the process.There is a plethora of mortgage deals out there for the taking, so do not be put off potentially saving hundreds of pounds just because you do not have the time to scan the market.
A whole of market independent mortgage adviser can do all the hard work for you so that you can enjoy the savings now and in the future. They'll also advise you on mortgage protection policies, such as life assurance, redundancy cover and accident and illness protection, so you can have the peace of mind of knowing your most valuable asset is adequately protected.Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.Â
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