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Half unaware of best mortgage rates, survey finds

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Almost half (44 per cent) of homeowners are unaware of how their mortgage rate compares to the best rates on the market, according to a new survey.

The Ipsos Mori survey interviewed more than 2,000 adults on behalf of financial planning firm Fairstone.

The survey found that 77 per cent of 55-75 year-olds were aware of the best rates.

This compares to 62 per cent of 35-44 year-olds.

Only 42 per cent of 16-24 year-olds with a mortgage said they were aware how their current mortgage rate compared to the best rates in the current market.

The Fairstone asked similar questions in 2010 it found that only 39 per cent of homeowners knew how their current rate stacked up to the best deals available.

Ipsos Mori also found that the employed were more likely to know about the best deals.

The survey says 68 per cent of those with jobs were clued up about the best mortgage rates. In comparison only 56 per cent of the unemployed were aware.

Fairstone chartered financial planner Peter Savage says: “It is positive and very encouraging to see the rise in market awareness, perhaps improved by greater use of online comparison tools and with interest driven by the strong residential property market of the past decade.”

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