Brendan Burgess
Founder
- Messages
- 52,197
So it's the borrowers fault?never bothered to switch
Did you stop reading mid way through my comment?So it's the borrowers fault?
You assume that all mortgage holders are on a level playing field; circumstances change & not everyone has the ability to take out a new mortgage every few years.
There's probably a minority of this cohort who couldn't switch for a multitude of reasons and they are the ones most impacted by what you're highlighting, but for the majority, the ones at fault are themselves.
But this is a feature of thousands of products in hundreds of markets!The banks are basically taking advantage of customers that are either;
Inert (or lazy! If you want to be less kind)
Uninformed
Unable to switch due to their circumstances
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