According to new research many homeowners are not taking an active role in understanding and managing their mortgage.
It has become clear that many homeowners do not understand the fundamentals of their mortgage and this is stopping them to achieving savings.
Many homeowners tend to forget about their mortgage deal and just see it as a one off purchase to aid in them buying a property. But they are in fact missing out on saving a lot of money by not taking a more active role to learn and understand fully about mortgages.
Research found that a large majority of mortgage payers did not even know what interest rate they were currently paying on their mortgage deal. This lack of interest by these homeowners could cost them a fortune in years to come if they do not take more interest in their finances. Knowing when to switch mortgages deals at the right time to get a lower rate of interest can save homeowners thousands of pounds.