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- Mon 13th Jun 2011
Brits 'paying for failure to remortgage'
Mon 21 Jan 2008 5pm
Many British homeowners are wasting money by choosing uncompetitive mortgage deals, according to a new study.Research from Abbey states that a collective £25 million is squandered on a daily basis in the UK by people with unsuitable home loans - equating to approximately £5 each day for individual property owners.
According to the survey, five million people admitted to the bank that they knew that a more competitive mortgage deal was available, but had failed to track it down.
Commenting on the findings, head of mortgages at Abbey Nici Audhlam-Gardiner said: "£5 a day or £140 a month on average is not an insignificant amount of money and we know for a fact that five million people could benefit immediately by shopping around."
The survey also discovered that people in the 55 to 64 age group were most likely to waste money with an unsuitable mortgage deal.
A previous report from Abbey stated that a growing number of students are choosing to save money for a house deposit instead of travel round the world on a gap year.
