'Significant' savings to be made by switching

Borrowers can make substantial savings by changing mortgage provider but should still be aware of the impact of hidden fees on their overall outlays, according to Mint Financial Services.

Adrian Kidd from Mint has said that he was 'surprised' by recent research from mform.co.uk which found that 40 per cent of borrowers had never changed their lender, noting that between £200 and £300 can be saved by those with larger long-term loans.

Mr Kidd added that the figure was all the more surprising given the preponderance of information on the subject of changing lenders that now existed.

"People have access to the internet, and through newspapers as well, so it surprises me that the percentage is so high because 10 or 15 years ago it wasn't advertised as much, but nowadays, with these powerful media, people don't really have an excuse to not be informed," he commented.

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

"Even if the process is painful, if you're paying the standard variable rate and have been for five years, with the average mortgage lasting 25 years, you're chucking away a hell of a lot of money," the Independent financial advisor noted.

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