Scottish mortgage borrowers most likely to switch - Financial Reporter

Scottish mortgage borrowers most likely to switch – Financial Reporter

A UK website devoted to mortgages and financing reports that homeowners in Scotland are more willing than homeowners in other parts of the UK to change mortgage companies to get a better rate. The site reports that 41% of Scots changed companies, versus the UK average of 28%. East England’s rate was 39%, but the Midlands was 25%. Experts attribute this to lack of knowledge on the homeowners’ part. The site urges homeowners to consider changing to save money.

Key Takeaways:

Scottish borrowers were nearly trailed by those in East England, where 39% said they had changed supplier to secure a more ideal arrangement toward the finish of a settled period.
Individuals from the West Midlands were more probable than whatever other area to refer to unwaveringness to one loan specialist as an explanation behind not exchanging.
In August 2016, the normal yearly investment funds picked up from changing from a SVR to a market-driving settled rate rose to £3,500 as the Bank of England slice the base rate to 0.25%.

“Mortgage borrowers in Scotland are the most proactive when it comes to switching to a better deal, with 41% switching compared to just 11% of borrowers in the West Midlands”