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Mortgage spotlight centres on switching
6 February, 2008
Mortgage products are first for the chop as borrowers are pushed to severely overhaul their finances, MoneyExpert.com has claimed.
In the six months since the credit crunch hit as many as 1.39 million people are reported to have dumped their existing mortgage provider.
This is all in spite of increased, uncapped application fees and the threat of early redemption penalties.
Those aged between 35 and 44 years old are the most likely to have already switched their mortgage, whilst people living in the South of England are the least likely to have done so.
According to MoneyExpert.com there are currently in excess of 2,300 different fixed and variable mortgage deals on the market, catering for everyone from graduates to sub-prime borrowers and self employed people.
However it says that the number of these products with uncapped upfront fees has grown almost fivefold in the past 12 months.