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Mortgages -
Abbey: Many pay extra by failing to remortgage - 21/01/2008
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Householders are missing out financially by failing to remortgage their homes, Abbey has claimed today.
In total, around £25 million extra is spent every day by UK householders who have taken out uncompetitive mortgages, new research from the provider shows.
This equates to an astonishing £5-per-day each for the five million mortgage holders affected.
By contrast, Abbey calculates that around £38,000 can be saved off the average cost of these mortgages by switching to a more competitive deal.
In addition, around six years can also be reduced on terms through this process.
Nici Audhlam-Gardiner, head of mortgages at Abbey, commented: "£5 a day or £140 a month on average is not an insignificant amount of money and we know for a fact that 5 million people could benefit immediately by shopping around."
Abbey also found that younger mortgage holders, in the 24 to 35-year-old age group, were almost twice as likely to remortgage than were the 55 to 64-year-old group.
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