Uncompetitive mortgages 'cost fiver a day'

22-Jan-2008

Britain's homeowners are losing an average of £5 a day because they are not on the most competitive mortgage deal.

That was the key finding from research by the high street bank Abbey, which found that five million people were not on the best mortgage deal for their circumstances.

"£5 a day or £140 a month on average is not an insignificant amount of money and we know for a fact that five million people could benefit immediately by shopping around," said Nici Audhlam-Gardiner, head of mortgages at Abbey.

The figures should serve as a stark warning for first-time buyers about the need to shop around for the best deal.

With the credit crunch biting hard, many lenders have reined in their activity and cut their loan-to-value ratios.

This is likely to make life hard this year for anyone looking to buy their first property.

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