Mortgage lenders have a derogatory name for people who switch mortgage lenders to follow lower rates ? they call them ?Rate Tarts?. The author has a much more apt description ? Shrewd Shoppers! After all, who spends more for exactly the same product, in this case money, when you can get it cheaper elsewhere? After all a ? from one lender as effective as a ? from another!
The mortgage market is highly competitive and as long as lenders use price as the main weapon in their marketing platform, price competition will encourage remortgagers to follow cheaper deals. Call them Rate Tarts if you must, but they'll be the richer for it!
In a response to curb mortgage switching, some lenders have raised their up-front charges and others improved their customer retentio View the rest of this article
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