Switching mortgage providers 'can save money'

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Switching mortgage providers 'can save money'

Changing mortgage providers can result in "significant" cash savings for homeowners, it has been suggested.

Adrian Kidd, an independent financial adviser with Mint Financial Services, explained that between £200 and £300 can be saved by those who switch, depending on the size of the home loan.

Recent research by mform reveals that 25 per cent of mortgage borrowers have switched their provider once, while 15 per cent have swapped twice and 16 per cent have changed more often.

Mr Kidd said that the cost savings as a result of switching "can be significant", although he cautioned homeowners to ensure they are not paying high fees to change providers.

"You can go into a deal that might have a brilliant initial rate but you pay a lot of fees to get that deal. So although the cost-savings may be there month to month, the overall cost could leave you worse off," he added.

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