Homeowners often feel that they are tied into their mortgage arrangements, just as they are committed to their bankers and their household lending such as credit card providers. However, the popularity of comparing/switching websites have made many people think again about their outgoings and how their circumstances might influence their financial planning for the future.
By far the largest financial commitment for most people is their mortgage for their principal property, or increasingly where they may have committed to a buy to let property. Even so, it is often an area of their finances which they fail to review on a regular basis to ensure that they have the best deal available.
Many borrowers may be aware that mortgages are portable, opening up the market but a significant percentage will turn to their original lenders if they are checking interest rates, products or if they find themselves in financial difficulties which are affecting their repayment schedule.
If this is the case, they may need to consider either a mortgage product transfer or entering negotiations to remortgage their property. At this point, analysis of the benefits of product transfer vs remortgage will be a crucial step.