Most mortgage borrowers are oblivious to the size of their outstanding mortgage, with three in five unable to say what’s left to pay on their loan, according to research from Momentum UK.

The financial services specialists found that, despite a mortgage being the biggest financial burden of people’s lives, just 40% were satisfied that they knew the remaining balance of their loan.
 
In a survey of 2,000 borrowers it also revealed that just a third (33%) of borrowers thought it was important to consider remortgaging once the fixed period of their loan ends, despite rates being at an all-time low.
 
The research also highlighted people’s confusion when it comes to making the best use of their money in a low-interest rate environment. Just a quarter (24%) were satisfied that they know whether it is better to overpay on a mortgage or top up a pension.
 
Dominic Baliszewski, director of consumer strategy for Momentum UK, said: “Mastering the basic elements of a mortgage can save households thousands of pounds of year. Yet millions of borrowers are missing out on huge savings by failing to address the issue, perhaps because they associate mortgages with stress.
 
“Managing the loan, especially knowing when you’re coming to the end of a fixed rate period, should be part and parcel of everyday financial management, and if your payments have gone up, it’s time to take action.”