Huge sums wasted on unsuitable mortgages
According to new research by Abbey Mortgages, homeowners are collectively throwing away £25 million each day by not taking advantage of home loan deals that would better suit their needs and their pockets.
[UKPRwire, Fri Feb 01 2008] According to new research by Abbey Mortgages, homeowners are collectively throwing away £25 million each day by not taking advantage of home loan deals that would better suit their needs and their pockets.
Each person who does not remortgage to a better mortgage deal is wasting around £5 per day, or £140 per month, said Abbey, and almost half of all homeowners (47%) say they do not regularly review their mortgage deal or shop around to see what offer might work best for them. In the 55 to 64-year-old age group, 64% do not review their mortgage regularly, and these are also the most likely to have the worst deals, while 24 to 35-year-olds are the most careful in reviewing their mortgages on a regular basis, with only 35% not doing so.
Women are slightly more likely to not get the best mortgage deal – 49% in comparison to 46% of men. And 31% of women acknowledge that they are not on the best possible rate, compared to 26% of men admitting the same.
Abbey research carried out earlier in January found that 99% of all Britons would benefit from getting their finances in better order. And switching over to a more competitive mortgage deal is one area where the potential for saving money is considerable.
“It makes sense to invest time now rather than lose money later,” said Lawrence Smith of Decision Homebuyers. “Whether looking for a new mortgage or remortgaging, it pays to take a good look at all the products out there, choose carefully the best one for you, and stay pro-active in reviewing it regularly.”
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