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Look into changing mortgage lender, urges IFA

People who are not looking into changing mortgage providers could be "chucking away a hell of a lot of money", according to Adrian Kidd, an independent financial advisor (IFA) with Mint Financial Services.According to a survey by mform, as many as 40 per cent of mortgage borrowers have never changed their lender, while 14 per cent of mortgage borrowers do not look for a new deal and 13 per cent just take the new deal they are offered. Mr Kidd said that he was surprised at the statistics, and said that the savings of such a move "can be significant", adding that if someone has been paying the standard variable rate for more than five years but has not looked to change lender then they are "chucking away a hell of a lot of money." He said that depending on the size of the loan, it was possible that £200 to £300 a month could be saved and went on to say that if more people changed their mortgage provider then "maybe that would force a more competitive market".

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