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Over 3m borrowers 'unaware of mortgage rate'
More than three million mortgage borrowers in the UK do not know the rate on their loan deal, new research has revealed.
The study by Post Office Mortgages revealed that 28 per cent of Brits are unaware of the interest they are currently repaying, while 35 per cent are currently on their lender's standard variable rate (SVR).
However, around a third also suggested they are assuming that the SVR is offering the best rate available to them.
Marco Hughes, personal lending director at the Post Office, said those paying such rates tend to be vulnerable to interest rises.
He added: "Some providers have increased their SVRs quite significantly even though the Bank of England base rate has not moved and as a result many borrowers are seeing their monthly mortgage repayments increase more quickly than they thought."
Research from the British Bankers' Association recently revealed gross mortgage lending stood at £8 billion during January.