Considering that nearly one in three have been paying off their current mortgage for over a decade, statistically Britons show little concern when their initial discount period ends and opt to carry on paying off the same mortgage regardless of the extra money they are throwing away each month.
In fact mform.co.uk has found that another 50 per cent have had the same deal for five or more years - indicating that there is a widening chasm between those borrowers who regularly shop around for the most competitive rate, and those who stick with their current deal.
The research also threw up the fact that anyone who is not on a special deal is likely to be paying a standard variable rate of an average 7.51 per cent, although the majority of large lenders are actually charging around 0.25 per cent more than this.
Francis Ghiloni, mform.co.uk marketing and business development director, said: “Anyone who has had the same mortgage for 10 or more years is likely to have seen the value of their house rocket and should be able to remortgage relatively easily.
“The Bank of England base rate was 7.25 per cent in November 1997 so mortgage customers who’ve been with the same lender for 10 years or more might think they are doing comparatively well with the base rate at 5.75 per cent now.
“That though ignores the fact that there are a wide range of deals which will reduce monthly mortgage payments considerably even on relatively modest loans. People put off remortgaging by the potential cost can reassure themselves the move will be worthwhile by thoroughly researching the market before they move.”
