Rachel Williams, editor of Moneywise Magazine, said: “If you are paying your lender’s standard variable rate, you could be paying as much as two per cent more than you need to,” adding that people could “easily” save £100 a month by switching to a better deal.
She added that while the recent mortgage market uncertainty had made some people hesitate over making the switch, there was no good reason not to, since better deals were available “irrespective” of the overall state of the mortgage market.
Williams said that a large number of people were “throwing money down the drain” by holding on to their existing deals.
Figures from the British Banker’s Association show that in the year to August 2007 the number of remortgages rose by four per cent.
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