The mortgage rate naivety that costs homeowners £350 per month
The mortgage rate that they are currently on is a mystery to almost one-third of UK homeowner, according to consumer group Which? This could cost homeowners £350 per month on average.
In a survey of over 3,500 homeowners with a mortgage in the UK, this was the shocking result.
The survey also revealed that many borrowers would stay with their current mortgage provider and deal. This is despite findings that show switching lenders could save them up to £347 per month.
The report goes on to say that many consumers had been on the same expensive mortgage rate for more than five years. 22% of those surveyed claimed it would be too much hassle to move and a further 15% hadn’t even considered moving mortgage providers or products.
Remortgage to a better deal
David Blake, Principal Mortgage Adviser, Which? Mortgage Advisers, said:
“I would urge anyone with a mortgage to check what interest rate you’re on and whether you’re paying more than you need to.”
Not knowing your mortgage rate could cost mortgage borrowers thousands of pounds each year. David went on to say:
“The remortgage market is highly competitive at the moment, so there’s a good chance that remortgaging will save you money. Speaking to an independent mortgage adviser is a great place to start to find out your options.”
There is a common myth that changing your mortgage can be convoluted and unnecessary.
Fortunately, mortgage brokers are experts in their field and I am happy to speak to anyone with queries. Don’t let mortgage apathy or the misconception that a review isn’t worthwhile, prevent you from saving money on your mortgage.
Call me for free mortgage advice and see how changing your mortgage could be of benefit to you.
07837 820 894