Research by a large mortgage broker has highlighted that mortgage borrowers in the UK could collectively save over £8bn by remortgaging.
Three quarters of the borrowers surveyed had never remortgaged before. Only a very small number of those that had previously remortgaged had done so on more than one occasion.
The mortgage broker claims that if people on standard variable rates remortgaged, the majority would be able to take advantage of introductory rates for a number of years, thereby saving money.
If you are thinking of remortgaging, always check whether you are tied into the mortgage lender for a set time and if there are any penalties.