6
Feb
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."
