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A new mortgage could save you pounds

Date: Tue, 03 May 2005

Around seven million people could benefit from remortgaging their home, according to broker Charcol.

Research from Charcol discovered that almost seven million homeowners have not remortgaged since the Conservative Party were last in office and therefore could be missing out on saving a total of £5 billion.

"Millions of homeowners are missing out on potentially massive repayment savings by sitting on their hands instead of taking advantage of today's low rates," said Elliot Nathan of Charcol.

The study suggests that a typical borrower on a standard variable rate could save around £120 per month by remortgaging.

The research also reveals that, whilst historically, borrowers have remortgaged most under Labour, remortgage activity peaked during the Tory-led period following Bank of England interest rate rises of 15 per cent.

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