These headline figures are staggering and emphasise the need for ongoing consumer education.

However, when I see this type of analysis I do wonder if geography is also a factor. 

In London and South East where average mortgages are the largest in the UK I would be surprised if there are vast swathes of borrowers sitting on their lenders' Standard Variable Rate. (SVR)

Some lenders also have SVR's that track the Bank of England Base Rate (currently 0.25%) thus there could be justifiable circumstances for a borrower to remain on their existing lender's SVR. Additionally, there could be an intention to pay off the mortgage in the short term which would preclude locking into a fixed rate.

There is currently increased speculation that interest rates could be on the rise. Lenders, Mortgage Brokers, Consumer and Government bodies all have a role to play to educate borrowers to regularly review their current mortgage rate. 

Your home may be repossessed if you do not keep up repayments on your mortgage. 

Our charges are usually between £395 and £995 depending on the type and amount of borrowing required and individual circumstances.