22 Jan

'Re-mortgagers could pay off home loan six years earlier'

'Re-mortgagers could pay off home loan six years earlier'

Homeowners could pay off their mortgage up to six years earlier by looking around for a better deal or by making overpayments, it has been revealed.

According to a study conducted by Abbey Mortgage, £25 million of homeowners' incomes is wasted daily, simply because people are on an inappropriate or uncompetitive mortgage deal.

Abbey calculated the figure after a significant proportion of respondents to a poll it conducted confessed that they are not on the most competitive deal.

This failure to shop around, however, is costing each person £5 per day, the mortgage provider claims.

Nici Audhlam-Gardiner, head of mortgages at Abbey, said: "£5 a day or £140 a month on average is not an insignificant amount of money and we know for a fact that five million people could benefit immediately by shopping around."

The report also revealed that in spite of the savings to be made 47 per cent (8.3 million) of the UK's mortgage holders fail to review their mortgage on a regular basis.

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