MSE News: Mortgage holder alert as new figures reveal 370,000 are overpaying

MSE_KitMSE_Kit MSE Staff
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MSE Staff
Hundreds of thousands of homeowners are overpaying on their mortgage because they're languishing on their lender's standard variable rate, new data from the financial regulator has revealed. Yet savings of £1,000s a year may be available if homeowners remortgage to more competitive deals – something they may want to consider sooner rather than later with further interest rate rises expected.

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'Mortgage holder alert as new figures reveal 370,000 are overpaying - can you save £1,000s/yr?'

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Replies

  • edited 4 August 2022 at 4:30PM
    SapindusSapindus Forumite
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    edited 4 August 2022 at 4:30PM
    This article is about borrowers who are paying too much in interest.  There's a large chunk of us who use the term "overpaying" to describe intentionally paying more money than the building society are actually asking for, in order to pay off our mortgages quicker.  It might save confusion if you rephrase the opening sentence and heading of this article.
  • dark^knightdark^knight Forumite
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    Sapindus said:
    This article is about borrowers who are paying too much in interest.  There's a large chunk of us who use the term "overpaying" to describe intentionally paying more money than the building society are actually asking for, in order to pay off our mortgages quicker.  It might save confusion if you rephrase the opening sentence and heading of this article.
    Good call...but how would you re-phrase it?
  • South_coastSouth_coast Forumite
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    "Paying more than they need to"?
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
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