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Almost half of mortgage holders paying too high mortgage rates

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Almost half of mortgage holders are paying sky-high mortgage rates, according to a survey by website Moneyfacts.

Mortgage holders on the standard variable mortgage rate are currently paying a mortgage rate of 6.59 per cent, much higher than many fixed mortgage rate deals.

According to the poll by the independent financial advice website, 46 per cent of mortgage holders are therefore paying a much higher mortgage rate than what they have to.

On a 25-year £100,000 repayment mortgage this would involve monthly repayments of £680.84, commented Emma Butler, editor of the website.

On the same mortgage but at a rate of five per cent, monthly repayments would be £584.59; in other words, by switching to a more competitive product consumers could save almost £100 a month or £30,000 over the full 25-year term, she explained.

Ms Butler noted that best buys on Moneyfacts show that fixed rates well below five per cent are currently available.

Almost half of consumers being on their lender’s standard variable rate is a worrying statistic, she noted.

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