Surprising % Of Homeowners Unaware Of Their Mortgage Interest Rate
You would have thought that most borrowers would be fully aware of the interest rate that their residential mortgage lender is charging them especially when you consider that, for a lot of people, the amount that they have borrowed to buy their home is probably the biggest financial commitment they have or are ever likely to enter into.
Well you may be interested to read that research carried out by the HomeOwners Alliance has revealed that in excess of 25% of people with residential mortgages do not know what interest rate that they are paying on their borrowing. This is a huge number of people and is concerning.
The survey was carried out with over 2,000 people so provides a reasonable analysis. It is also interesting that not far off two thirds of residential mortgage borrowers do not understand mortgage jargon.
With so many lenders competing for your business surely it makes sense to find out if you are getting a competitive deal from your mortgage lender. At very least, you should consider getting in touch with the bank or building society providing your mortgage, find out what interest rate you are on and then check with your lender to see if there is a more attractive mortgage package than you can switch to as long as it is financially viable to do so.
However, you may wish to go further than this and check out what is available from other mortgage lenders. You can do this in a number of ways such as by calling into various high street lenders such as banks, building societies and the Post Office to see what lending packages they are offering. You could go on the Internet and look at the mortgage products via one or more price comparison websites. Another option is to approach a mortgage broker who specializes in sourcing residential mortgages here in the UK and get him or her to do the research on your behalf.
Who knows, you may be able to obtain a more competitive mortgage deal than you presently have and, as a result, save yourself some money.