Changing mortgage providers can provide big savings

News Category: Industry News

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Changing mortgage lender can offer a landlord big cost savings but any change in provider should not be taken lightly, a financial expert has claimed.

A change in mortgage providers could provide savings of up to £300 a month, according to Adrian Kidd, of Mint Financial Services.

And while the fees attached to a move can be significant, he argued that if more property owners considered changing their mortgage providers it would create an increasingly competitive market.

Mr Kidd explained: "The process can be fairly painless if you've got someone who knows what they're doing.

If only 60 per cent of people out there are considering it, then if that percentage went up to 80 per cent then maybe that would force a more competitive market," he added.

According to figures provided by mform, 40 per cent of mortgage borrowers have never changed their lender, with 14 percent never looking for a new deal.

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