Consumers 'must put themselves in control of mortgages'

In order to avoid unfortunate surprises, consumers must ensure that they are in control of their mortgages.

This was the message delivered by regional manager for the Consumer Financial Education Body (CFEB) Mary Graham, who said it is important to be in the "driving seat" when it comes to home loans.

She remarked: "Over half of homeowners expect interest rates to rise over the next few months. However, three-quarters of these people have no idea of the impact of an interest rate rise on their mortgage."

Her comments came in the wake of figures released by the CFEB, which revealed that one-in-ten consumers are not aware how much they are paying on their mortgages each month.

In addition, it was found that a fifth of Britons polled did not know when their deal with their bank or building society comes to an end.

Such ignorance can lead to a "nasty shock", Ms Graham pointed out.