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1 in 3 borrowers don’t know their mortgage rate

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A third of borrowers do not know what interest rate they are paying on their mortgage, despite speculation that a base rate increase is coming.

Further, just 32 per cent of borrowers knew their mortgage rate, according to a survey of 5,034 mortgage holders by Which? Mortgage Advisers.

Of those who knew the rate they were paying, 89 per cent felt informed about the impact of a potential rate rise. This fell to 58 per cent for those who did not know their mortgage rate.

David Blake, of Which? Mortgage Advisers, says: “With interest rates so low, we have seen a significant increase in the number of fixed rate mortgages available and a surge in households looking to take advantage of these deals ahead of any potential rise.

“That said, it’s important to remember that fixed rate deals typically have higher rates than trackers – for the time being at least – but fixing now could potentially save you money in the long-term. Now is the time to seek independent mortgage advice if you are concerned about the impact a rate rise might have on your finances.”

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