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Borrowers unaware of their mortgage rate

Almost two-thirds of borrowers have no idea what interest rate they are paying on their mortgage, according to research by Yorkshire Building Society.

Sixty per cent of borrowers in the survey admitted they were unaware of the interest rate they were on despite recent publicity highlighting cheap rates and the benefits of remortgaging.

The society claims borrowers staying loyal to costly lenders could be paying up to £270m more per year than if they switched to one of the leading mutuals.

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