Published On: Fri, Aug 14th, 2020

Mortgage rates warning issued as millions face spending hundreds more on mortgages | Personal Finance | Finance

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MoneySuperMarket said these people are more than twice as likely to be unaware this is how mortgage deals work, when compared to those who had remortgaged previously (16 percent and seven percent respectively).

Emma Harvey, consumer affairs spokesperson at MoneySuperMarket, commented: “Standard Variable Rates on mortgages are notoriously expensive and with 15 percent of those remortgaging being unaware of how they work, automatically lapsing onto them is a common and costly financial pitfall.

“Regardless of whether you’re on an SVR mortgage or another type, there could still be significant savings to be made when your initial mortgage deal comes to an end.

“In fact, we found that the average saving for mortgage holders still within their initial product period is £28.36 per month, which really adds up.”

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