Following recent research into the mortgage market, it was revealed that over 5 million borrowers are in the dark when it comes to the interest rate on their mortgage.
Figures show that around 36% of women and some 20% of men cannot say with certainly what the current rate is on their mortgage. In addition, almost 2.5 million mortgage holders intend to remortgage over the next 6 months of which an astonishing 45% do not anticipate seeking out a good deal.
Marketing director for the mortgage adviser search engine carrying out the study said,
“With the effects of the credit crunch increasing and homeowners tightening the purse strings, it has never been more important for mortgage holders to know exactly what rate of interest they are paying. Without knowing their monthly outgoings, homeowners are unable to monitor their finances and make crucial decisions in this pressured economic climate.”
According to the research study carried out, the average current level of mortgage debt on a property is £87,167 and rises to £98,859 for the average fixed-rate borrower.
Mon, Sep 22, 2008
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