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 A significant number of homeowners in the UK have switched mortgage providers in a bid to find a more affordable deal amid high interest rates and the credit crunch.
Research carried out by MoneyExpert found that 1.4 million borrowers have changed mortgage provider over the last six months.
Since June of last year, three per cent of the country's adult population have switched lender - some 11 per cent of homeowners.
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While people coming off low fixed-rates and those looking for a new fixed-rate deal for security from interest rate rises are likely to be driving this remortgaging demand, switching can be costly.
"Application fees are rising and most are now uncapped, meaning you're likely to pay a proportion of the total amount you borrow," said Sean Gardner from the price comparison site. "That means switching mortgage could cost you thousands of pounds."
According to the report, the number of lenders with uncapped upfront fees has increased nearly fivefold over the last year.
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