Remortgages Help Save Money – Barclays

Many Brits choose not to remortgage and lose thousands of pounds, say housing and mortgage experts at Barclays.

A survey recently performed by one of the leading British lenders, Barclays, suggests that many Brits lose money by choosing not to remortgage.

The results of the poll by the bank prove that almost 60% of those questioned have never even tried to remortgage. However, the vast majority of them (74%) admitted they would do so to save 50 pounds or more.

Almost all mortgage holders (92%) are trying to cut costs in that way or another.

According to Barclays estimates, Brits can save up to 350 million pound in the next 2 years by switching fixed and tracker rate products.

Commenting on the findings, Andy Gray, head of the mortgage department at Barclays, says: "The fact that around six in 10 homeowners have never changed their mortgage outside of moving house suggests that they simply don’t realise the levels of savings to be had by remortgaging."

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