5 Mar

Mortgage borrowers 'should pay attention to rates'

Mortgage borrowers 'should pay attention to rates'

Mortgage borrowers, including those with high-end properties in Dorset, should pay attention to the rates they are charged.

This is according to Ray Boulger, senior technical manager at John Charcol, who said that people tend to have a lack of knowledge concerning this issue.

His comments follow the release of research from the Post Office, which revealed that 28 per cent of borrowers do not know the repayment details of their home loans.

Mr Boulger said: "Clearly the more notice people take of their various financial products, the more likely it is they are going to know when they have got a good deal."

It will also help them realise when to switch products, he noted.

The expert went on to suggest that many consumers consider their mortgage to be a "means to an end" that will enable them to gain access to the housing market and they are not particularly concerned about changes to their repayment rates.

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