Apparently, according to new research by Which? as many as 1 in 3 homeowners in the UK don’t know what mortgage rate they are on, costing them thousands of pounds each year.

The consumer group Which? Surveyed over 3,000 homeowners with a mortgage in the UK and found that only 1 in 3 knew what mortgage rate they were paying, and only 4 in 10 knew an approximate figure.

A quarter of borrowers were on their lender’s standard variable rate, costing them more than they would be charged by their own lender or elsewhere, which is shocking.

It was found that borrowers could be paying as much as £347 a month, or over £4,000 a year – the equivalent of a good pay rise.

Amazingly, the view from those interviewed as to why they did not switch from the standard variable rate to a cheaper rate was that “it wasn’t worth the hassle” and “they hadn’t thought about it”.

Therefore, it is in everyone’s ‘interest’ to check with an adviser what interest rates may prove more beneficial and save them money.

 What have you got to lose?

There are really good remortgage options available out there and therefore there is every opportunity to save money. Speak to one of our independent mortgage advisers today and see how much money you can save on your mortgage.

Leave a Reply

Your email address will not be published. Required fields are marked *