Despite repeatedly being told they could save money by shopping around, more than half of all UK mort...
The survey says if found that borrowers overall could save 30% on their monthly payments by switching to an alternative product with a lower rate, given that mortgage rates are at their lowest for 40 years.
On a standard 25-year mortgage worth £60,000 being paid off with a 6.25% standard variable interest rate, the switch to a 2-year fixed rate of 4.45% could cut monthly payments from £313 to £213, a 28% saving.
The survey says it is worrying that 22% of respondents did not know if there were any redemption penalties to pay on their existing mortgages, despite the related finding that approximately 42% of mortgage holders are free to change mortgages without paying a penalty.
Bradford & Bingley says that IFAs will play a crucial role in helping pursuade homeowners that it is in their best interests to look into remortgaging to save money.
"Seeking independent advice is crucial as an advisor will be able to highlight the pros and cons of the best mortgage deals available," the high-street IFA says.
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