"Minimal movements in base rates shouldn't lull homeowners into a wasteful and false sense of security. Just because there's no change, it doesn't mean they can't pay less for their own mortgages.
"We think it's likely there will be a rate rise in February. But although we don't expect a long period of rate hikes as some have feared, the relatively steady state in interest rates shouldn't prevent homeowners looking to shift their own rates downward.
"There were only three, modest base rate changes in 2003 - from 4 per cent to 3.75 percent to 3.5 per cent and back to 3.75 per cent. Yet, borrowers could have saved over £1,000 by switching providers from the most expensive to the cheapest lenders."
Moneyfacts recently showed that the typical mortgage borrower could have saved over £1,000 on a £100,000 interest-only variable rate loan by switching to HSBC from the highest-cost providers.
