Fixed rate deals have been around 1.0% cheaper than the standard variable equivalent since August 2012 according to data from the Bank of England and Council of Mortgage Lenders.
Craig McKinlay, mortgages director at Halifax, said: "Remortgaging activity remains subdued particularly compared to the strong market activity in 2008.
“For more than two years the gap between SVRs and fixed rate mortgages has grown, with the latter falling to record lows.
“Current growth projections in the February Inflation Report support the expectation for a first interest rate rise towards the end of 2015, though uncertainty around the timing remains high.
“It is therefore surprising to note that more people are not taking advantage of the low rates on offer and fixing their mortgage.”
Homeowners taking out 2-year fixes paid on average £519 per month in December 2012 compared to £547 on an SVR – a difference of £28 per month or £750 over the term.
But the gap has widened, as by December 2014 homeowners could save £73 per month by taking out a 2-year fix, with monthly payments averaging at £487 rather than £555 on an SVR.
Average fixed rate deals have fallen in 18 of the 28 months since August 2012 to stand at 3.15% in December 2014.
