At least three million UK borrowers (28%) do not know the rate of interest at which they are currently repaying their mortgage, according to Post Office Mortgages.
35% of borrowers are currently repaying their mortgage at their lender’s Standard Variable Rate (SVR), yet 29% of these do not know their mortgage rate, and are only assuming that their SVR is the best rate for them. Also, 49% believe they can overpay but are not taking advantage of this facility at present.
Marco Hughes, Post Office personal lending director, said: “Although it might seem that staying on your current SVR is the easiest thing to do
