Half of UK mortgage holders have not reviewed their mortgage in over three years

Just under half of borrowers, 49%, have not reviewed their mortgage since base was cut to 0.5% three years ago, according to recent research.

Despite base rate being a record-low since March 2009, 42% of fixed rate borrowers are still paying a rate of 5% or higher, with the average rate for fixed rate borrowers being 4.63%.

The average rate paid by tracker mortgage holders stands at 3.17%.

Around 56% of borrowers do not have any idea of what rate they pay on their mortgage.

If the recent decision by Halifax, RBS, Bank of Ireland, Clydesdale and Yorkshire Building Society to increase their SVR is an indication of the direction of the market then we will see more increases to the rates that consumers are paying on their mortgages – making it more important than ever for people to shop around for a better deal.

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If you havent reviewed your mortgage in some time and would like some impartial advice on this, please feel free to get in touch.

Thanks for your attention.

Mark (mark@themortgagemonkey.co.uk)