Some are as a result of having a small mortgage, while others who have come to the end of an existing deal may not have had enough equity in their home to find any alternative.
For those borrowers who have been on an SVR throughout the last 12 months, the amount that they would have paid in mortgage repayments over that period could have differed considerably, depending on who their lender is.
Based on a £150K mortgage, the tables below show which lenders' SVRs would have worked out to have been the lowest or highest in terms of annual capital and interest repayments, taking into account any changes each lender made to its SVR over the last year.
Lowest repayments
Provider - Total Repayment 01/11/2007 to 01/11/2008 on £150K mortgage - Current SVR
Stafford Railway BS - £9,221.07 - 5.99%
First Direct -£9,254.00 - 5.50%
ING Direct (UK) - £9,483.98 - 6.34%
Harpenden BS - £9,532.95 - 6.19%
Holmesdale BS - £9,732.95 - 6.14%
HSBC - £9,754.10 - 6.25%
Source: Moneyfacts.co.uk 11.11.08
Highest repayments
Provider - Total Repayment 01/11/2007 to 01/11/2008 on £150K mortgage - Current SVR
Birmingham Midshire Solutions - £11,532.95 - 5.44%
Ulster Bank (NI) - £11,454.18 - 5.42%
Darlington BS - £11,417.50 - 7.17%
Kent Reliance BS - £11,415.74 - 7.59%
Northern Rock - £11,396.68 - 5.84%
Bank of Scotland Mortgages - £11,367.21 - 5.35%
Source: Moneyfacts.co.uk 11.11.08
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "For some borrowers, SVR is their only option. The majority will remain on their current lender's SVR, but they could have found themselves £2,176 worse off than if they had switched to a similar deal with a competitor.
"In the last year we have seen numerous lenders cease to offer SVRs to new customers. Now as base rate falls, we may see more lenders taking this step, to prevent them from receiving frequent applications from borrowers who may now see SVR products as an attractive option.
"Although it is falling, LIBOR still remains around 1.4% above base and until the gap is closed further, we are unlikely to see the full 1.5% base rate cut passed on through mortgage deals.
"So far just 19% of lenders have announced their intentions with regards to their SVR, although all apart from Earl Shilton BS have said they intend passing the cut on in full. Hopefully, in the coming days more lenders will follow suit.
"In the past lenders have been quick to pass on rate increases, but are never as quick to reduce rates again. They now need to start playing fair and giving borrowers the relief they need on their mortgage repayments."
