One-third baffled by mortgage rates

More than one in three adults do not understand the relationship between the rates banks pay on their savings and the rates they pay on their mortgage loans.

The figures are the result of a new ICM survey, conducted on behalf of Intelligent Finance, which also found one in 10 adults believe the interest rate their bank or building society paid them was higher than that charged on their mortgages. A further one in seven believed they were the same.