Huge rise in number of cheap five-year fixed-rate mortgages
Tracker mortgage customers could be �9 billion better off by this time next year, it has been claimed.
The firm stated that if individuals used this extra cash to make overpayments on their mortgages they could save over �16 billion in interest and reduce their mortgage term by nine years.
However, the study highlighted that one in three people are having to use this cash to cope with the rising cost of living and paying bills.
Commenting on the findings, Louise Bond, personal finance manager at uSwitch.com, said: The best way to spend the extra money varies according to individual circumstances. However, consumers should grasp this long awaited opportunity to make sound financial choices for their future.
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