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Find a remortgage and save, mortgage holders urged
Tue, 20 Sep 2005
Mortgage holders that put off the search for a remortgage could be wasting up to £6 billion a year in overpayment on their mortgages.

This estimation was made by mortgage lender Bradford and Bingley, which found that 3.3 billion mortgage holders are potentially losing out by not looking to find a remortgage.

It also found that the "trigger point" which would encourage a mortgage holder to search for a remortgage is saving £93 a month on mortgage repayments.

However, the mortgage lender believes that as more than a quarter of mortgage holders seem happy to keep paying their mortgage lender's standard variable rate, many mortgage holders still have misconceptions about remortgaging.

One misconception is that the process of remortgaging requires too much time and effort, remarks David Bitner, head of mortgages for Bradford &Bingley.

"In reality though, once you've shopped around or visited a mortgage broker to find the best deal, the process is pretty simple and hassle-free and takes typically four to six weeks," he assured.

Mr Bitner also pointed out that many mortgage holders believe it is costly to find a remortgage, with 28 per cent admitting to this.

"While it is true that many lenders have increased their arrangement and exit fees over the last couple of years there are still a number of competitive deals available," Mr Bitner commented.

"There are those with free legals and free valuation fees, some with added benefits such as cashbacks, meaning, in many cases, the savings that can be achieved through remortgaging far exceed the costs."

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