Product category:
General insurance
News Release from: uSwitch | Subject: Insurance
Edited by the Insidemoneytalk Editorial
Team on 14 May 2007
Seeking shelter from the base rate
battering?
Consumers could offset all of today's base rate rise by switching energy providers, uSwitch.com
Monthly payment on a £150,000 repayment mortgage set to rise by £22 per month - switching energy providers could save up to £272 per month, A homeowner could enjoy an annual saving of £325 or £27 per month just by switching energy providers There are 10 million households in the UK that have never switched energy providers
This article was originally published on Insidemoneytalk on 6 Mar 2007 at 8.00am (UK)
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Following today's .25% base rate rise, Ann Robinson, Director of Consumer Policy at uSwitch.com, the independent online comparison and switching service, says: "Today's hike in the base rate will see millions of homeowners tightening their belts to alleviate the squeeze on their wallets".
"One of the easiest ways they can do this is by reducing the basic cost of running their homes".
""Energy bills are the third biggest household expense after mortgages and council tax.
A homeowner who has never switched energy providers before has got the potential to unlock 'wasted' cash, save up to £325 per annum or £27 a month and offset all of the latest interest rate rise".
""A base rate rise and the impact on mortgage payments are entirely out of people's control, however, simple changes to save money on energy bills are not".
"Quick wins such as paying by direct debit, switching to dual fuel and taking up an online tariff could chip substantial amounts off the average energy bill".
"For those affected by today's rate rise this could be the difference between seeing a dent or a hole in their household budget." Example scenario1 following today's 0.25% rise: A homeowner with a repayment mortgage of £150,000 over a 25-year term at 5.25% will be paying an extra £222 each month after the rate rises by 0.25%.
By switching energy providers and ensuring they are on the most competitive tariff, they could see a saving of up to £27 per month - a net gain of ?5.
For more information visit www.uswitch.com or call 0800 093 06 07.
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