Which? claim most mortgage holders don’t know their interest rate

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The mortgage advice division of the consumer group Which? have released new research revealing that 32% of mortgage holders are unaware of the rate of interest on their mortgage with 29% knowing their exact rate.

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In a separate analysis by Which?, it found that there has been a 55% increase in the number of fixed rate deals on the market over the past two years, with fixed rates equaling just over three quarters of the products on the market.

The survey shows that 34% of homeowners are currently on a standard variable rate mortgage. Which? is claiming that if those people switched to a two year fixed rate deal, they could be in line for a saving of up to £123 a month.

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Which? spokesman David Blake has commented on the research saying  “It’s important to remember that fixed rate deals typically have higher rates than trackers – for the time being at least – but fixing now could potentially save you money in the long-term. Now is the time to seek independent mortgage advice if you are concerned about the impact a rate rise might have on your finances”.

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