Homeowners overcharged £2,500 on mortgages

Posted: 22 Dec 2006 10:19:08 GMT

The average homeowner would save themselves around £2,500 over the course of 2007 if they moved their mortgage to the most competitive deal says new research

The average homeowner would save themselves around £2,500 over the course of 2007 if they moved their mortgage to the most competitive deal says new research.

"People should always review their finances on a regular basis," said Stuart Glendinning of Moneysupermarket, which conducted the research.

"However, new year may be just the trigger many need actually to do so.

"For those suffering a financial hangover from the festive period, recovery could be all the quicker if they follow some simple switching tips."

Moving from a standard variable rate mortgage priced at 7.25 per cent to a two-year fixed rate deal priced at 4.69 per cent would reduce monthly payments from £1,081 to £845.

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