The majority (32%) of Moneywise.co.uk users look for a new mortgage deal as soon as their existing fix is about to end, according to our latest poll results.
However, the 3% of who said they’ve stuck with their mortgage standard variable rate (SVR), as remortgaging is “too much hassle”, should consider switching.
Research published by mortgage brokers London & Country (L&C) this week shows that more than four million people are wasting £2,590 a year by sitting on their lender’s standard variable rate, which is usually more expensive than other rates on the market.
Interestingly, 9% of those who voted have stuck with their SVR because they’re “happy” with the rate. Yet they too should consider fixing into a locked deal if they have any concerns over interest rates - which tend to be linked to mortgage rates - rising.
Sadly 2% of those who voted have tried to move to a better mortgage rate but have been prevented from doing so by their lender. If you’re stuck in this position, check out our ideas for getting around this in our I’m a mortgage prisoner get me out of here feature.
The majority of those who voted – at a surprisingly high 47% don’t have a mortgage, which presumably means their renting. Recent figures show that one in five now rent as homeownership falls.
See the pie chart below for the full results.