The number of mortgage borrowers now on their respective lenders' Standard Variable Rates (SVRs) is over 2.3 million, new research has found.
According to Yorkshire Building Society, SVRs represent 28 per cent of the total UK mortgage market.
Broadly speaking, these households have come off fixed-term discounted mortgage products which were available two or more years ago.
Yorkshire added that in the present mortgage market, the most competitive deals are only available for loans that have low LTV ratios, typically less than 85 per cent.
Tom Girling, mortgage product manager at Yorkshire Building Society, remarked: "A record number of mortgage customers are currently stuck in ‘mortgage limbo' on SVR rates that are generally far higher than best buy deals.
"Our analysis shows that the vast majority could make significant savings by switching to a better rate mortgage and with 80 per cent having at least 15 per cent equity in their home, they are free to switch lender right now."
Yorkshire Building Society recently reduced the rate on its five-year fixed-rate mortgage to just 3.99 per cent for those consumers with a 25 per cent deposit .
Research reveals popularity of standard variable rate mortgages
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Research reveals popularity of standard variable rate mortgages
Fri, 16 Jul 2010
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