Financial Times - Remortgaging eased as lenders jostle for business
Mortgage lenders are easing the pain for customers who want to transfer to a new home loan product when a fixed-term deal ends, amid an intensifying battle to retain existing borrowers.
Aaron Strutt, product manager at broker Trinity Financial, said it had become “incredibly easy” for many borrowers to switch deals. “They simply log into their online account and choose a new rate.
“The banks are offering low rates and are asking very few questions about their financial situation.”
However, brokers warned that simply opting for the hassle-free option without researching the wider market is unwise. “If you have a larger mortgage and you lock into an unnecessarily high rate, it could cost you a fortune,” Mr Strutt said.
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