Half of homeowners 'failing to review mortgage deals'

Posted: 27 Jan 2011 14:57:29 GMT

Research has revealed many homeowners have ignored their deals since the base rate hit 0.5 per cent.

Homeowners have been advised to investigate their mortgage deal in case a better one is available.

Karen Barrett, chief executive of unbiased.co.uk, observed many people have not been vigilant because the base rate has remained at its record low level of 0.5 per cent since March 2009.

Research by the site revealed 48 per cent have failed to review their mortgage in this time, with the figure rising to 52 per cent among those on a standard variable rate.

Of those in the latter group, 18 per cent said they felt there was no need to worry at the moment due to the low interest charges.

But Ms Barrett warned homeowners they could be missing out on the best deals available, which she noted may be all the more important as experts predict the base rate to rise in the near future.

Last week, Andrew Hagger of Moneynet.co.uk suggested the "tide could be starting to turn" in this direction, after the consumer prices index rate of inflation was found to have increased to 3.7 per cent in December.
 

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