Homeowners have squandered £369 each over the past three months by delaying their remortgaging, claims new research.
Charcolonline says 500,000 homeowners have wasted a collective £184m because they have not switched to a more competitive deal from their lender's standard variable rate (SVR).
The lowest-ever two-year fixed rates arranged in 2003 came to an end over the summer, it says.
Charcolonline claims the difference between the best two year fixed rate of 2003 and the current average SVR is 3% which equates to an extra £180 per month.
The current difference between an SVR deal and a market leading remortgage product is 2%.
Drew Wotherspoon, spokesman at Charolonline, says: “It is absolutely imperative that homeowners who have not yet remortgaged these deals do so immediately.
“Three months is not a long period yet, in financial terms, it simply does not make sense for them to remain on an uncompetitive rate a day longer than they ought to.
“If a borrower continued to languish on an SVR for a year, they would waste almost £1,500," adds Wotherspoon.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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