Getting a mortgage is tricky business. It is very stressful for the home buyer as there are so many things to consider and it is so expensive to buy a home. Experts suggest that over a million home owners in the UK have the wrong deal. This could be in terms of length, interest, program, as well as other factors. Experts suggest that buyers really do some research to see what the best option for them might be and see about switching.
Key Takeaways:
- 30 percent of home owners do not know their current mortgage rate out of 3.4 million people
- Home owners still do not attempt to change their mortgage rates even after knowing that they are paying a higher amount
- households can save more money in making payments, annually if they change their mortgage rate
“L&C Mortgages added that by switching to a better deal, UK homeowners could save £216 each month or over £2,500 annually. Although 58 per cent of homeowners have never re-mortgaged to save money.”