Homeowners pay dearly through poor mortgage choices
Substantial numbers of UK homeowners are reported to be paying considerably more than they need to be through bad mortgage choices, one source has revealed.
According to recent studies by the Abbey National, British mortgage payers are spending more than £4 million pounds above what they would be doing, had they opted to shop around for a more competitive deal prior to arranging their finances. The lender has also discovered that an additional 6 million people are aware that they may be paying over the odds, but have done little with regards to rectifying the problem.
Broken down into budgetary terms, the lender reveals that on average, the typical British homeowner is paying around £150 more per month through their existing plan, than they would be doing had they researched other prospective providers a little more thoroughly.
Commenting on the findings, a spokesperson for the lender stated that the average amount we have found British homeowners to be overpaying by on their mortgage, is quite worrying, especially if you consider the volatility of the lending market at the moment, with regards to rates of interest. It is absolutely vital for consumers to ensure that they are making the absolute most of their mortgage deal, as oversights such as these, have the potential to cost borrowers dearly.
In related news, analysts predict that the number of home repossessions in 2008 is likely to double that of last year, as homeowners struggle to meet the increasing economical demands coupled to their existing mortgage deals.
