Homeowners searching for a better deal on mortgages

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Homeowners searching for a better deal on mortgages

Homeowners are increasingly deciding to switch mortgages to get a better deal, with as many as £1.39 million people having changed their mortgage provider in the last six months according to research from MoneyExpert.com.

According to the website's research homeowners are prepared to switch mortgages despite the risks involved, such as increased application fees and the threat of early redemption penalties.

It recently reported that the number of mortgages with uncapped front fees is rising at an alarming rate, growing almost fivefold in the past 12 months.

The Bank of England is widely expected to lower interest rates today in response to the recent introduction of stricter lender criteria, which has made it more difficult for borrowers to secure a mortgage.

Sean Gardner, chief executive of MoneyExpert.com, said: "The uncertain financial climate of the past six months has forced many people to reassess their household budget with the mortgage top of the list of priorities."

He warned that the process of swapping providers is "unlikely to be cheap".

MoneyExpert.com revealed last month that half a million homeowners had missed a monthly repayment on their mortgage in the last six months.
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