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Homeowners could save £1.85bn by switching mortgage companies

There are 11.8m mortgages in the UK, with at least 4.13m people stuck on a SVR, usually set by most banks at around 6.4%. The fact is that, for most of these people, there are far better deals that they could be taking advantage of if they were to compare their mortgage rate against the best in the market.

First Active, backed by the Royal Bank of Scotland, has a long-term variable rate at 5.74% and means anyone with a mortgage of £100,000 on the average SVR could save up to £600 or more each and every year.

Jayne-Anne Gadhia, managing director of First Active, says: “Everyone wants great value, yet most people still pay too much for their mortgage. First Active&#39s customers pay a highly competitive rate when they take out one of our mortgages and then move to another great rate as soon as the offer ends.”

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