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1.7m borrowers miss out on best mortgage deals

 1.7m borrowers miss out on best mortgage deals

Category: Mortgages

Updated: 14/07/2010
First Published: 14/07/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Three quarters of mortgage borrowers currently on their lender's standard variable rate (SVR) have been told they could save money by moving to the best mortgage deals.

Most of the best mortgage deals currently available require the borrower to have more than 15% equity in their home (less than 85% loan to value).

According to Yorkshire BS, the number of SVR mortgage borrowers meeting this requirement has soared to 1.7 million over the past year.

If all of these borrowers took the time to transfer to one of the best mortgage deals around, it is estimated they could collectively save up to £1.8 billion in interest payments.

"Our analysis shows that the vast majority could make significant savings by switching to a better rate mortgage," said Tom Girling, mortgage product manager at Yorkshire Building Society.

"And with around three quarters having at least 15% equity in their home, they are free to switch lender right now."

If you're coming to the end of your current mortgage deal or buying a house for the first time, take a look at our best buy charts for a round up of the best mortgage deals currently on offer.

Particularly popular at the moment are fixed rate mortgage deals from HSBC, The Co-operative Bank and Yorkshire BS.

If variable rate mortgage deals are what you're looking for, then deals from first direct and ING Direct are currently riding high.

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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