A poll of just under 3,500 consumers showed that one in 10 last changed mortgages or their provider under one year ago; 47 per cent switched mortgages one to three years ago, while 43 per cent switched three or more years ago.
In addition, a quarter of respondents said they have a balance of £50,000 or less outstanding on their mortgage; nearly 40 per cent have outstanding balances of between £50,000 and £100,000, while 36 per cent stated they have over £100,000 in outstanding mortgage balances.
The survey also showed that, out of a sample poll of 3,688 consumers, 27 per cent do not know what their current mortgage interest rate is.
A further poll of 2,845 consumers revealed that just over a third will have a penalty charged for switching their current mortgage deal.
Out of 4,555 consumers, an overwhelming 50 per cent currently have a variable rate mortgage; 43 per cent have a fixed or capped deal, while 7 per cent are on an offset.
The Moneyfacts poll also revealed a quarter of consumers currently hold their house insurance with their mortgage provider.
Jane Dawson, head of press and PR at Moneyfacts, commented: “While it's worrying that over a quarter of those surveyed don't know what their current mortgage rate is, it is encouraging that so many are actively looking for alternative mortgage products.”
Find the alternative mortgage rates for buyers in the UK here.
Mike Fry, director of Halton Insurance Service, said: “These results seem quite accurate, although I would say a lot more than 27 per cent don’t know what mortgage rate they’re on.
“Some don’t even know who their mortgage is with. And I would expect the 7 per cent on offset deals will rise steadily.
“The reason people are not switching deals for three years or more is because of general apathy. Unless it’s a fee-free remortgage many consumers feel it is not worth changing.”
