Homeowners switching amid mortgage uncertainty

Close to 1.4 million British homeowners have switched their mortgage provider over the course of the past year as uncertainty within the residential housing sector continues, according recent research.

Many people are struggling to meet their debt management demands and MoneyExpert reports that almost 11 per cent of all mortgage holders have switched providers since June of last year.

Thousands of Britons have been unclear on how best to protect themselves financially from the fallout of the so-called credit crunch and in many cases homeowners have opted to change their repayment arrangements, the price comparison firm has explained.

Sean Gardner, chief executive of MoneyExpert, commented: “The uncertain financial climate of the past six months has forced many people to reassess their household budget with the mortgage top of the list of priorities.”

Research by the same company earlier this week suggested that British households are collectively wasting millions of pounds each month by not securing for themselves the most competitive personal finance deals on the market.