Three out of five mortgage borrowers maintain no idea how much they owe on their loan, while one in three is abiding on their lender’s standard variable rate (SVR) ying 4.90 per cent on average when there are much cheaper great amounts available, according to Momentum UK.
Director of consumer strategy Dominic Baliszewski divulged: “Millions are missing out on huge savings by failing to address the issue.”
Probing from online mortgage broker Trussle suggests that homeowners on valuable SVRs could save on average around £3,500 a year by remortgaging to a cheaper lot.
Many do not realise how much they could save by switching, while others are put off because they remember it is too much hassle.
One in four borrowers does not understand how the Bank of England’s slavish rate affects their monthly yments.
Ishaan Malhi, chief managerial at Trussle, said: “The mortgage sector is shrouded in a level of complexity and flapdoodle that continues to discourage borrowers from acting swiftly to healthy a better deal.”
Nick Dixon, investment director at Aegon, im rted rising infl ation could force the Bank of England to hike camp rates within six to nine months.
“Mortgage holders are already starting to see the overcome rates disappear and may want to speak to their adviser about bribery rates quicker than the Bank can make its move,” he said.