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Over 970,000 homeowners who took out fixed-rate mortgages two years ago
are being urged to review their loans now or risk overpaying.
The warning comes following
recent research claiming that average fixed-rate mortgages in 2004 had
APRs of around 5.3%, but these have now dropped to about 5.06%.
Sean Gardner, Chief Executive of MoneyExpert.com, which conducted the
study explained: "Homeowners need to keep their wits about them if they
don’t want to end up paying over the odds for their mortgages.
"Interest rates have moved since 2004 and the mortgage market is
different from two years ago. What was a great deal then is not quite
as good now".
Around 37% of mortgages taken out for home purchases and remortgages in 2004
were in fixed-rate deals amounting to 973,000 loans.
The popularity of fixed-rates has since climbed with around 1.3 million taken in
2005 or about 61 per cent of the total of mortgages.
Average fixed-rate mortgage interest rates have fallen since the Bank of England
cut the base rate in August 2005 to the current 4.5 per cent.
Source:
Getting Paid
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