New research from the mortgage advice section of the consumer group Which? reveals that one in three mortgage holders have no idea what rate of interest they are paying.
It shows that some 32 per cent of mortgage holders were unaware of the rate of interest on their mortgage with slightly fewer - 29 per cent - being sure of their exact rate.
Separate analysis, again by Which?, has found a 55 per cent increase in the number of fixed rate deals on the market over the past two years, with fixed rates now making up just over three quarters of the products on the market.
The survey shows that 34 per cent of homeowners are currently on a standard variable rate mortgage - the default mortgage rate once a fixed rate deal ends. Which? claims that those people could be in line for a saving of up to £123 a month if they switched to a two year fixed rate deal.
“It's important to remember that fixed rate deals typically have higher rates than trackers - for the time being at least - but fixing now could potentially save you money in the long-term. Now is the time to seek independent mortgage advice if you are concerned about the impact a rate rise might have on your finances” says Which? spokesman David Blake.