Abbey: 5m homeowners not on best mortgage

Switch for the chance to WIN**

Terms & conditions apply, click for details.

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 01/04/17 and 30/09/17, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch.com saved £491 or more. **T&Cs apply. Details at https://switch.ukpower.co.uk/world-cup-promo

Around five million homeowners in the UK are not on the most suitable mortgage deal for them, according to new research.

The study by Abbey has estimated that the affected Brits could be spending around £5 a day on home loan overpayments, meaning that around £25 million is being wasted by those who do not shop around for the best deal.

It was also found that 47 per cent of homeowners do now review their mortgage deal regularly.

Commenting on the findings, Nici Audhlam-Gardiner, Abbey's mortgage head, 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."

Research by Fool.co.uk also recently indicated that homeowners could make significant savings by shopping around for mortgage deals.

The study concluded that people could save up to £3,000 by spending more time researching their options.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more