£8bn Left On The Table
Staying put with your current deal could be costing a total of £8bn
25th January 2003
A report from mortgage brokers Charcol suggests that a failure to switch to a better deal is costing UK mortgage payers a total of £8bn.
Despite the current cut-throat competition in the mortgage market, only a quarter of people have switched to a lower priced deal.
Further, only 4% have switched more than once, meaning 8m homeowners could be paying too much.
Factors such as redemption penalties and tie-in periods can make switching a complicated business, but Charcol say that it's well worth shopping around for a discount deal, especially for those whose old discounts have ended and are now paying their lender's standard variable rate.
Read More: Money Guardian
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More Charcol News : New Mortgage Features Negative Equity Protection, Steep Rise in Arrangement Fees, Million Mortgage Payers Face 'Nasty Shock' |
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