£25 million wasted on unsuitable mortgages

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by Kay Murchie

According to research from Abbey Mortgages, collectively Britain’s homeowners are wasting an average of a fiver a day because they are not on the most competitive mortgage deal.

The research established that if homeowners were prepared to invest an additional £5 a day by making overpayments, they would save £38,432 off the cost of their mortgage and reduce the term by 6 years.

Nici Audhlam-Gardiner of Abbey said £5 a day or £140 a month on average is not a considerable amount of money and we know for a fact that 5 million people could benefit immediately by comparing deals.

Five million Britons confessed to Abbey that they knew they were not on the most competitive deal. Furthermore, nearly half of the home-owning population (8.3 million people) admitted that they neglected to review their mortgage on a regular basis.