Recent analysis by the Financial Conduct Authority (FCA) shows that some 370,000 mortgage borrowers are not switching their mortgage deals when they could save money.
While this is down significantly from the 800,000 seen in 2016 it still represents a significant number of borrowers during a time when the country is experiencing a cost of living crisis.
The regulator estimates that borrowers could save an average of £1,240pa for two years by switching to a 2-year fixed rate with their existing lender.
With the increasing likelihood of further interest rate hikes, we cannot stress enough, the importance of reviewing your current product. This is particularly significant if you are on a standard variable rate or have a fixed deal coming to an end within 6 months.
If you would like to discuss options available to you, speak to a member of the team or our senior broker, Danny O’Keeffe on 0208 364 3444 alternatively schedule a call back by clicking on the button below.