Keeping track of mortgage deals 'difficult for homeowners'

Posted: 23 Mar 2010 09:38:01 GMT

Keeping track of the best mortgage deals available for homeowners can be "very confusing", according to one expert.

Karen Barrett, chief executive of Unbiased.co.uk, says it is important that homeowners make sure they are not missing out on the best mortgage rates before the Bank of England base rate starts to rise again.

"In the past, staying on your lender's standard variable rate (SVR) was financially crippling and while this has certainly changed, homeowners need to stay alert and active to ensure they don't miss the best deals and see their monthly payments rocket," she states.

Her comments come in response to new figures from the website, which show that 31 per cent of homeowners were on a SVR mortgage at the end of 2009, in comparison to the 23 per cent who had this type of home loan deal in May 2009.

Furthermore, almost one-third of those questioned said they had no plans to change their type of product by remortgaging or switching to a tracker deal.

According to Moneyfacts, 57 per cent of mortgage products require a down-payment of a minimum of 65 per cent to secure the deal.

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