3
Mar
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.
