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A mortgage hack could help homeowners avoid early payment charges - but the majority are unaware of the low rate deal. New data reveals most borrowers have never explored transferring their mortgage when moving home.

David Wilson Homes data has discovered that most property owners remain unaware of the option. 78 per cent of UK homeowners have never investigated whether they can transfer their mortgage to a new property, it found.

68 per cent, meanwhile, said they would prefer to maintain their existing mortgage arrangements when relocating. Terry Higgins, managing director at the New Homes Group, said: "If you secured favourable interest rates on your previous home, porting your mortgage could be a smart move.

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