Over 3 million don`t know rate on their mortgage debt

According to Post Office Mortgages, despite the Bank of England`s base rate remaining at an all-time low, more than three million (28% of) UK borrowers do not know the rate of interest they are being charged on their mortgage debt, headlinemoney.co.uk reports.

Statistics show that more than a third (35%) of borrowers are, at the moment, repaying their mortgage debt at their provider`s Standard Variable Rate (SVR), yet just under a third (29%) of these don`t know the rate they are being charged on their debt, and are `only assuming that their SVR is the best rate for them`. In addition, just under half (49%) believe they could overpay their mortgage debt `but are not taking advantage of this facility at present`.

A spokesperson for debt management company Gregory Pennington commented: "It is important that everyone is aware of the interest rate they are being charged on their debt - whether it`s a mortgage or an unsecured loan. If they aren`t aware of the interest rate, there is no way for them to know if they are getting the best possible deal for their needs."

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