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The Main on Sunday - Financial apathy costs us £17 billion every year - but you can get a better deal

Aaron Strutt Image

Misselling and woeful customer service are common curses of the financial services industry but The Mail on Sunday has found a far bigger cost to household budgets – apathy. 

It adds up to a massive £17 billion a year in spending you didn’t need to make. Over the coming weeks, we will examine how to shake up your finances and save a fortune in the process. 

Overspending on mortgage rates

More than three million homeowners pay their mortgage lender’s expensive standard variable interest rate when they could instead opt for a cheaper variable or fixed-rate deal.

Such apathy costs borrowers about £1,270 a year on average, accord- ing to broker London & Country Mortgages.

Action: Speak to a broker

Mortgage rates are currently at rock bottom prices, with discounted deals on offer at less than 1 per cent and fixed-rates available for little more.

If you do not have time to search for a cheaper mortgage yourself, enlist the help of a broker such as London & Country, Charcol or Trinity Financial.

Mark Carney, Governor of the Bank of England, said last week that interest rates could rise by the end of the year.

Click here to view the full story £

As seen in
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