UK homeowners missing out on mortgage savings

Despite repeatedly being told they could save money by shopping around, more than half of all UK mortgage owners are sticking with their standard variable rate product according to a new survey by Bradford & Bingley. The survey says if found that borrowers overall could save 30% on their monthly payments by switching to an alternative product with a lower rate, given that mortgage rates are at their lowest for 40 years. On a standard 25-year mortgage worth £60,000 being paid off with a 6.25% standard variable interest rate, the switch to a 2-year fixed rate of 4.45% could cut month...