Summary
LIFELONG loyalty to one mortgage with the same lender has given way to an average loan length of just five years, according to the Council of Mortgage Lenders.
But savings homeowners make by switching lenders to net a cheaper deal can be cancelled out by the cost of remortgaging in the first place.See the full content of this document
Extract
How Moving a Mortgage Can Cost You
First, it will cost you to leave your current lender. Aside from possible redemption penalties, there is a deeds release fee of between Pounds 100 and Pounds 200. This pays for your existing len...
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