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Never switched your mortgage?

Mortgage brokers Bishops Stortford

Enable’s mortgage brokers in Bishop’s Stortford noted recently that according to a new survey  “more than one in seven mortgage holders (15%) have never switched mortgages”.

It makes sense that some of the youngest homeowners, first-time buyers who are relatively new to owning property would not have switched mortgages. But interestingly enough the largest group not to have switched mortgages after the youngest is those aged over 65. Those in this age bracket were the least likely to have ever switched, with 18% admitting they had never switched mortgages.

The survey also suggested that even for those who had changed their home loan arrangements, many of them hadn’t done so for a long time. “One in 10 (9%) said it had been over 10 years since they last changed mortgage and a further 13% said it had been more than five years. This is despite only one in four (24%) believing they are tied into their current mortgage deal.”

Enable’s mortgage brokers in Bishop’s Stortford also noticed that some 12% of mortgages people hold are with the company the borrower banks with. This figure was highest in the 45-64 age range, at 16% of homeowners. This is something that offers convenience and familiarity but is rarely likely to offer the best mortgage deal.

The company conducted the survey said: “The worrying thing about these statistics is that it is likely that many of those who haven’t switched mortgage for quite some time (or ever) is now on a standard variable rate. Any fixed deals will have ended, leaving them reverting to a significantly higher interest rate than they could get if they went out on to the open market.”

Enable’s mortgage brokers in Bishop’s Stortford can help you look at making sure you have the best mortgage deal for you right now. If you have never switched you might find it easier than you think,

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

https://www.financialreporter.co.uk/mortgages/one-in-seven-homeowners-have-never-switched-their-mortgage.html

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