According to Citizens Advice, being loyal to your mortgage provider could cost you over £400 a year. The charity found that, those who didn’t switch mortgage provider and stayed on their current lender’s standard variable rate faced an average loyalty penalty of £439 a year*.
Their research also found that, First Time Buyers, who typically have more debt and more time left on their mortgage, paid an extra £1,359 a year when their fixed deals expired. (more…)
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