One in three homeowners don’t know what rate they are on – while a further two in five only know an approximate figure, research from Which? Mortgage Advisers has found.
Homeowners in Wales were the least likely to know their mortgage rate, with just one in five (18%) knowing the exact figure and four in 10 (40%) being aware of the approximate figure.
Londoners and 18-24 year olds were best informed when it came to knowing their mortgage rate, with 80% and 74% knowing the exact or approximate figure respectively.
David Blake, principal mortgage adviser at Which? Mortgage Advisers, said: “I would urge anyone with a mortgage to check what interest rate you’re on and whether you’re paying more than you need to.
“The remortgage market is highly competitive at the moment, so there’s a good chance that remortgaging will save you money. Speaking to an independent mortgage adviser is a great place to start to find out your options.”
One in four (25%) of those who took part in the survey were on their mortgage lender’s standard variable rate.
More than half (55%) were on fixed rates, one in 10 (10) on fixed rates and one in 20 (5%) on discounted rates.