Millions ignorant of mortgage interest rates - study

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As many as five million homeowners have no idea what interest they are paying on their current mortgage, research suggests.

The study, called Mortgage Waste Report and conducted by Impartial.co.uk, also found almost two-and-a-half million people planning to re-mortgage are pessimistic about their options. According to Impartial, while fixed rate mortgages are by far the most popular mortgage product amongst British homeowners, 24% of fixed rate borrowers are in the dark about their current mortgage interest rate. Karen Barrett, marketing director of Impartial.co.uk, says: “With the effects of the credit crunch increasing and homeowners tightening their purse strings, it has never been more important for mortga...

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