Fifty per cent of mortgage borrowers sticking with the same lender

Approximately 50% of mortgage borrowers are choosing to stick with their current lender rather than remortgage to a new one when their deal ends, according to data by broker L&C Mortgages. This is a significant increase compared to the previous year, when only a quarter of borrowers were staying with their current lender. The rising mortgage rates and affordability concerns may be preventing some borrowers from switching to a different lender. However, eligible customers are offered a "product transfer" by their current lender, which allows them to switch to a new deal without going through additional checks and paperwork.