Whilst recent figures from the Council of Mortgage Lenders show that 38% of all lending in 2002 was for remortgaging, GMAC-RFC's figures show that this is accounted for by just a small number of people remortgaging regularly. GMAC-RFC's research goes on to reveal that 51% of borrowers - equivalent to over 8.5 million people across Britain - do not know the current rate of interest on their mortgage.
Gina Collman, head of corporate communications at GMAC-RFC, said: "Just because a mortgage seemed a good deal when you took it out does not mean it still remains so. New rates and deals are becoming available all the time and in these times of recession, remortgaging can be a quick and efficient way of saving money. Why pay more than you need to in interest when there are much better rates available?"
Borrowers surveyed in East Anglia were most likely to regularly review their mortgage - 58% have done so in the last year. Those surveyed in the North East were most likely to never review their mortgage - 18%. People with children are far more likely to review their mortgage than those without - they are perhaps more likely to be on a tighter budget.
The findings also showed differences in age groups and gender. Over a quarter of over 65s surveyed have never reviewed their mortgage at all, whilst a staggering 60% of 25 to 34 year olds have reviewed their mortgage in the last 12 months demonstrating that people are becoming more financially aware and that attitudes are changing - mortgages, like jobs are no longer for life.
