Remortgaging 'could save consumers money'
Published On 3 October 2007
Consumers could make large savings simply by switching their mortgage to a better deal, an industry expert has said.Rachel Williams, editor of Moneywise, explained that many people still had mortgages that were based on lender's standard variable rate. She added that this could mean that consumers were paying up to two per cent more than they needed to.
"Depending on the size of your mortgage, you could easily save £100 by switching to a better deal. It is one of the easiest ways to save money," Ms Williams said.
"There are a lot of people sitting on mortgages they've had for ten to 15 years - but you're throwing money down the drain, basically.
"If you think of what interest rates are doing, we're in a completely different economic climate now. We have seen interest rates rise five times since last August - but they're still historically low."
Recently, leading lender HBOS said that mortgages were likely to get more expensive in the coming years as the market goes through a "fundamental shift".
