6 Feb

Uncertainty has fuelled mortgage provider switching

Uncertainty has fuelled mortgage provider switching

Uncertainty over interest rates and in the state of the UK property market has prompted more and more home owners to change mortgage provider over the last six months, it has been claimed.

As of June last year, close to 1.4 million Britons have swapped provider - equating to around 11 per cent of the UK’s mortgage holders.

This is despite the prospect of higher application fees and being compelled to pay early redemption fees to their previous provider.

Sean Gardner, chief executive of MoneyExpert, said that the trend can be attributed to the increasing appeal of fixed rate deals in the current climate and signs of a general downturn in the economy prompting people to reconsider their finances.

He said: "Plenty of people will have dumped a mortgage provider because they want to fix their rate while others have been on the lookout for a new deal after coming off a competitive fixed rate from when rates were very low."


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