UK home owners are 'losing' millions by not checking their mortgage deal - Property Wire

UK home owners are ‘losing’ millions by not checking their mortgage deal – Property Wire

Mortgages are big business, they are made even bigger by having people that don’t know a lot about them taking them out. Many people in the UK and the US take out the wrong mortgage and that has the potential to waste millions of dollars world wide. By not having the best rate that you qualify for to taking out the wrong type of loan you are wasting your hard earned money. Before you take out a mortgage make sure that you shop around and do your research.

Key Takeaways:

UK homeowners are paying more interest on their mortgages than they need to
Homeowners should check their interest rate, especially if they have a Standard Variable Rate (SVR) mortgage
Look at other offers to see if switching could save money

“L&C analysed both external research and internal data which examined the type of mortgage deals home owners are on, their outstanding loan size and the remaining term before identifying a potentially better rate to calculate the savings they could make on their monthly mortgage payments.”