RESEARCH SHOWS THAT SVR MORTGAGES ARE ALREADY HIGH AND COULD RISE EVEN FURTHER
According to research by L&C Mortgages, more than 36% of homeowners are still on a Standard Variable Rate (SVR) mortgage.
Those on the SVR mortgage rates are already on typically higher rates and this could rise even further.
These rates would not be advantageous considering the rise in cost of living.
The following findings were made by L&C after analysing types of mortgage deals homeowners are on:
Almost £3bn is being spent yearly by more than one million UK households on wrong mortgage deals
An additional 1.1 million households are wasting £2.78bn on wrong mortgage deals
By switching to a better deal, UK homeowners can save £216 per month or above £2,500 yearly
Over 58% of homeowners have never re-mortgaged to save money
3.4 million households do not know the present interest rate of their mortgage
David Hollingworth from L&C Mortgages said:
“It is worrying to see so many people still on a Standard Variable Rate mortgage as they are not the cheapest rates available. Not only is there a lack of awareness around how much could be saved but worse still a huge number of people have never even tried to remortgage to get a better deal.”
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