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re-mortgaging property borrowers could save the equivalent of a 10 percent payrise, says John Charcol. For example a borrower with a
mortgage of £100,000 could save £4,440 over two years, this is including any fees that have to be paid. If an individual's salary of £25,000 a year is grossed up by 22 percent, to reflect what the borrower would have paid in
tax, it amounts to a pay rise of £2,407 or 9.6 percent.
Drew Wotherspoon from John Charcol said: "Re-mortgaging has become more and more prevalent in the UK market, but there is still some way to go. No matter how many times some consumers read about the
savings they could make, they will still sit on their hands and do nothing. We are hoping that showing what they are wasting in pure monetary terms will finally help the message sink home. If someone told me I was turning down a 10 percent pay rise I would do something about it.
He added: "There is also the misconception that re-mortgaging is a hassle and takes up too much time and effort. The process is relatively painless for most people and should not take more than two hours of a borrower's time in total. Of course, should you choose to
re-mortgage online, this time, with some organisations, will reduce dramatically. Put another way, you are earning £2,407 an hour for some consultancy work. It really is a no-brainer.
