UK Money News
6th February 2008
More homeowners swapping mortgage providers
Homeowners are reacting to the prospect of an economic downturn by swapping mortgage providers in search of a cheaper deal, new research suggests.
According to MoneyExpert.com, up to 1.39 million of the UK’s property owners have dumped their existing provider for another deal during the last six months.
This represents around three per cent of the adult population and around 11 per cent of all mortgage holders in the country, the price comparison site said.
Sean Gardner, chief executive of MoneyExpert.com, attributed the trend to uncertainty over interest rates, which has meant that some people are so keen to secure a stable rate that they are prepared to pay high application fees and run the risk of early redemption penalties.
He said: "The uncertain financial climate of the past six months has forced many people to reassess their household budget with the mortgage top of the list of priorities.
"Plenty of people will have dumped a mortgage provider because they want to fix their rate while others will have been on the lookout for a new deal after coming off a competitive fixed rate from times when rates were very low."
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