Its research showed that the inaction of 49% of borrowers who have not reviewed their mortgages could be costing them dear, with the fixed rate mortgage holders paying on average 4.63%, while 42% of fixed rate borrowers are paying a rate of 5% or higher.
This compares to best buy deal currently available at 2.54%, which could cut borrowers monthly mortgage payments by up to £169, unbiased.co.uk said.
Tracker deal holders are also paying above the odds, with an average rate of 3.17% compared to the current best buy of 1.99% and adding an extra £88 to monthly mortgage costs.
Yet, the survey found that 14% of mortgage borrowers do not plan to review their mortgage right now because base rate remains low, meaning that they could be missing out on making significant savings.
Karen Barrett (pictured), chief executive of unbiased.co.uk, said: “If the recent decision by Halifax to increase its SVR is an indication of the direction of the market, then we will see more increases to the rates that consumers are paying on their mortgages – making it more important than ever for people to shop around for a better deal.”
She encouraged borrowers to get advice from a mortgage adviser in order to find the best deal for them and not simply assume they will not be able to get a mortgage if they are not the “perfect borrower”.
