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Homeowners search for cheapest mortgage deals

6/02/2008

Homeowners are searching for the cheapest mortgage deals. Nearly 1.39 million homeowners have changed to a different mortgage provider; research by MoneyExpert.com indicates more details.

The comparison website stated that nearly three per cent of the adult sector have switched mortgage provider since June 2007, however they claim that this only represents around 11 per cent of all mortgage holders.

Chief Executive at MoneyExpert.com, Sean Gardner, commented: "Plenty of people will have dumped a mortgage provider because they want to fix their rate while others will have been on the lookout for a new deal after coming off a competitive fixed rate from times when rates were very low.

" Application fees are rising and most are now uncapped, meaning you're likely to pay a proportion of the total amount you borrow. That means switching mortgage could cost you thousands of pounds."

Today there are over 2,300 different fixed and variable mortgage deals available. Aimed at graduates to sub-prime borrowers and the self-employed. Homeowners aged 35 to 44 are likely to have switched mortgage providers, the South of England people are to follow this trend.


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