We don't like paying over the odds

There are still many borrowers on expensive standard variable rates (SVRs), who are paying more than they need to. Estimates are that 20% to 30% of all borrowers are still paying SVR.

Many are failing to take advantage of the numerous fixed and discounted rates available for remortgaging through fear of form-filling and also switching costs.

But by approaching your existing lender direct or by speaking to a mortgage broker, you could save yourself hundreds of pounds per month by switching.

A borrower with a £150,000 interest-only mortgage on a standard variable rate of 5.75% would pay £719 per month. If they switched to a discount mortgage at 3.64%, the payments would fall to £455 a month, saving £264.