Abbey has offered mortgage holders advice on remortgaging, saying that they could be saving money with competitive remortgage rates available.
The bank found that half of mortgage holders are on short- or medium-term mortgage deal, but 35 per cent will not search for a remortgage at the end of their current mortgage term.
Research by the bank estimates that if these mortgage holders do not search for a remortgage and move onto a Standard Variable Rate offered by their mortgage lender, they could be wasting £20 million pounds every month.
The mortgage lender has warned that because mortgage holders fail to shop around or check for online remortgage information, they could be paying too much.
Many are unaware they should start to check for online remortgage information or remortgage rates, as they don't know when their existing mortgage deal ends, it was revealed.
Seven per cent of mortgage holders had no idea when their existing mortgage deal was due to end, and one in ten only knew what year it was due to end.
Commenting on the findings was Gary Hockey-Morley, Abbey's mortgage director: "All borrowers coming to the end of a deal should look around for their next mortgage deal as soon as they can."
He said that people who search for a remortgage should shop around as remortgage rates and fees vary greatly between mortgage lenders and can change quickly.
Mr Hockey-Morley said that it is important that mortgage borrowers find a remortgage that suits their individual needs.
"Remortgaging is easy to do and could result in a significant monthly saving," he concluded.
Abbey offers advice on remortgaging and remortgage rates
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Abbey offers advice on remortgaging and remortgage rates
Thu, 15 Sep 2005
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