According to Post Office Mortgages, at least three million UK borrowers do not know the rate of interest at which they are currently repaying their mortgage.
Further to this, it has been stated that 35 per cent of mortgage holders are presently repaying their loan at their lender's standard variable rate (SVR), because they, perhaps incorrectly, consider it to offer the lowest monthly repayments available.
Post Office, however, claimed that almost a third of these people do not know their mortgage rate and merely assume that an SVR is their best option.
Marco Hughes, Post Office personal lending director, explained that by staying loyal to their SVR deals lenders are left vulnerable to interest rate rises.
"If you're thinking about switching mortgage, now is the best time to do it, before rates rise further. With many SVRs at or above 4 per cent there are already better deals to be had out there," he said.
The Bank of England recently revealed a sharp drop in mortgage approvals in the first month of this year.
Millions of borrowers do not know their mortgage rate
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Millions of borrowers do not know their mortgage rate
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