3 Mar

UK property owners 'unsure of their mortgage rates'

UK property owners 'unsure of their mortgage rates'

A considerable number of property owners in the UK are not certain of the rate they pay on their mortgages, new research suggests.

According to the Post Office, more than three million people lack this knowledge.

It noted that 35 per cent of borrowers are currently repaying their property loans at their lenders' standard variable rates (SVRs).

However, nearly one in three of these individuals (29 per cent) are only assuming this is the best rate for them and have not checked to see if they can get a better deal, it claimed.

The organisation's Marco Hughes said: "Although it might seem that staying on your current SVR is the easiest thing to do, you are much more vulnerable to interest rate rises."

Catherine Hearnden, director of MyMortgageDirect, recently suggested that banks and building societies should increase mortgage lending in order to help property buyers.

This would boost the country's housing market, she claimed.

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