Around 800,000 homeowners are languishing on their lender’s standard variable rate – and paying way over the odds for their loans. And the average standard variable rate is 4.09%, compared to 1.42% on two-year fixed mortgage deals. Mark Gordon, director of money at comparethemarket.com, said: “Languishing on a lender’s standard variable rate mortgage is likely to cost you thousands of pounds more than you need to pay. Consider the true costMany of us will be lured in by the cheapest interest rate when comparing mortgage deals. Online mortgage broker Trussle has a free monitoring service that alerts borrowers when a better deal goes on the market.

Source: Daily Mirror July 09, 2020 19:52 UTC