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One in three don't know their mortgage rate

One in three mortgage holders have no idea what rate of interest they are paying, new research shows.

This is despite growing speculation that interest rates will rise and increase their monthly repayments.

The new research, from Which? Mortgage Advisers, found that 32% were unaware of the rate of interest on their mortgage.

Only 29% were sure of their exact rate.

Nine out of 10 homeowners who knew their exact mortgage rate felt informed about the impact of a potential rate rise on their finances, against less than six in 10 who didn’t know their rate.

Which? also said that seeking mortgage advice is vital to find the right deal.

Some 34% of homeowners surveyed are on their lender's standard variable rate and could save up to £123 a month if they switched to a two-year fix instead.

David Blake from Which? Mortgage Advisers said: “With interest rates so low, we have seen a significant increase in the number of fixed rate mortgages available and a surge in households looking to take advantage of these deals ahead of any potential rise.

“Fixed rate deals typically have higher rates than trackers but fixing now could potentially save you money in the long-term.”

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