Twenty two per cent of people have never thought about it, 20% wouldn't know how to go about it, and 14% don't even know they can do it without moving! Homeowners could be wasting around £6 billion a year because of misunderstandings over re-mortgaging. Around 3.3 million householders could be missing out due to misconceptions about the cost and hassle involved. Research from Bradford & Bingley found that the average borrower would only re-mortgage if they could save £93 per month. More than a quarter of borrowers are happy to put up with a lenders standard variable rate rather than change policy!
The report showed that around 30% of borrowers have not considered remortgaging because they think it takes a lot of time and hassle, while 28% believe it is expensive.
Our view
Visit our Mortgage website and see if we can help you.