According to SPF, considerable savings can be made by paying off the early redemption penalty on an existing mortgage, and switching to one of the low rates currently available.
Mark Harris, Managing Director at SPF, said: “Many homeowners presume that because they have penalties on their existing mortgage it would be far too costly to switch to another rate. This is not necessarily the case. Even after paying the early redemption penalty, the solicitor’s fee, valuation cost and new arrangement fee, you can still end up saving money on your mortgage.”
