Financing in the dark

  • Story by: Emma Ann Hughes
  • Magazine: MortgageAdviser
  • Published Wednesday , October 08, 2008

Brits are budgeting blind through the credit crunch, according to research from equity release provider Norwich Union.

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Despite 53p in every £1 being spent on financial necessities such as insurance and mortgages 72 per cent do not know what type of mortgage they have, 67 per cent do not know what their monthly mortgage payment is and 78 per cent are clueless about the interest rate of their home loan.

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