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