Date:Tuesday 21st December 2010
Author: Susanna Kavka
There may be significant savings to be made by mortgage customers if moneysupermarket.com is to be believed.
The price comparison site claimed people could be £2,040 a year better off if they signed up for the Santander two-year fixed-rate deal at 2.45 per cent interest instead of the average standard variable rate arrangement at 4.74 per cent.
Commenting on these figures, head of banking at moneysupermarket.com Kevin Mountford pointed out the upcoming VAT hike is likely to squeeze individuals’ wallets even further.
“One resolution that should remain top of your list is to take some time out to review your finances,” he added.
The company noted how mortgages are the biggest single financial commitment in most people’s lives, so it is vital to get the best deal possible.
Last week, the firm urged people to be smart about Christmas shopping and be sure they fund their purchases in the cheapest way by considering the terms on different credit card deals.