TWO million homeowners are being stung with £2,536 a year in extra interest charges for failing to switch their mortgage, according to new research from online mortgage broker Trussle.
Mortgage borrowers are being penalised for loyalty and should check if they can save thousands by switching to a better rate The issue happens when borrowers' fixed mortgage deals come to an end and they are transferred onto their lender's pricier standard variable rate (SVR). Millions of homeowners are being stung by high interest costs when their mortgage deals end Trussle's study of 16 major UK mortgage lenders found that the jump in interest charges from each provider’s best two-year fixed rate deal to their SVR left borrowers paying an extra £211 a month on average. This is based on someone with a 25-year mortgage of £150,000 that is 60% of the property's value.
