As many as three in five UK adults are unable to say how much is left to repay on their mortgage, a study has found. Despite a mortgage being one of the main financial burdens in people’s lives, just 40% of 2,000 adults questioned could say how much they had left to repay. The study also found millions could be obliviously paying over the odds by remaining on the standard variable rate.
Key Takeaways:
- The majority of mortgage borrowers do not know what they owe.
- Keeping track of mortgage terms can save money.
- Fear of stress could be preventing people from tackling issues with their current mortgage.
“”While remortgaging may seem an arduous task, the benefits are substantial.””