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“It’s vital they avoid falling onto a reversion rate and paying more when there are other options available.
“COVID-19 may have dampened the confidence of a large number of borrowers wanting to lock into a new rate, yet the cost of not exploring their refinance options could be significant.
“Even for those borrowers who have seen a reduction in income, there may well be products available that would save them money in the long term when compared to their lender’s SVR.”
Some 52 percent of borrowers who have seen their income reduced as a result of the ongoing crisis are now concerned lenders will scrutinise their finances in more depth compared to pre-COVID levels.