Almost half of homeowners polled in a recent survey by Yorkshire Bank admitted they could save money on their mortgage by changing to an alternative deal, but felt safer staying with their current provider.
John Wight, general manager of business development at Yorkshire Bank, said: ‘Despite chopping and changing as our circumstances alter to make the most of our personal lives, this study has shown many of us do not approach our finances in the same way.’
The survey showed 28% of homeowners are constantly seeking a better deal and have no qualms about leaving their current lender to benefit financially.
Wight added: ‘It is encouraging that almost one in four homeowners claim they are always on the look out for the best mortgage deal, but the lowest rate is not necessarily going to save you the most money. These lenders may not allow overpayments, meaning in the long run, you pay more.’