This article is a bit of a shocker.
Some 2 million mortgagors are over-paying on their monthly mortgage payments totalling nearly £10 billion a year.
The offenders are the Big 6 Banks which have nearly 70% of the market.
It would appear that clients are not aware the Standard Variable Rate costs more than the Fixed Rates.
I have to say that is counter-intuitive. You would always expect to pay more for a fixed - otherwise why bother with a variable?
However, Banks are luring you in with teaser rates in the full knowledge that a large number of us will not bother to switch.
It really does pay to check your mortgage payments. Has your fixed period lapsed? What are you now paying? There is a big market out there and I am certain you will find a better deal elsewhere.
A comparison of average SVRs and two year fixed rates from 76 lenders over a six month period by online mortgage broker Trussle found that some big lenders are ‘penalising’ customers with a £3,242 increase in annual interest repayments.