Homeowners missing out on best mortgage rate deals, says A&L by Finance News Bulletin

Published: 14/03/07

Homeowners are missing out on the best mortgage speed deals available to them because they do not understand how tracker mortgages affect monthly payments, says investigateOver 84 million homeowners – 58 per cent of the sum – do not know how a follower mortgage works, says Alliance and LeicesterOnly a third of homeowners were able to inform researchers that a tracker mortgage is connected to the Bank of England base rate

Almost a fifth thought that tracker monthly payments go after the FTSE 100 directory Four per cent thought that tracker mortgages have set monthly paymentsHomeowners' lack of understanding leaves them at a severe disadvantage when they compare mortgage speed deals, warned Alliance and Leicester"It is quite worrying to believe that such a large amount of homeowners are unaware of what a tracker mortgage is and how it could save them money on their monthly mortgage expenditure," said director of mortgages at the store Stephen Leonard

"There are certain advantages to choosing a tracker mortgage, particularly with current low interest rates"However, homeowners should ensure they fully understand what kind of mortgage they have; they can then be monetarily prepared should their monthly payments go up"MoneyExpert Limited is authogo upd and regulated by the Financial Services power (FSA Registration No 301654)

The Financial Services power does not regulate some forms of mortgage agreement, credit cards, personal

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