And almost four in ten British borrowers have been on their mortgage lender’s SVR at some point in the past, a YouGov survey on behalf of Dashly has revealed.
Of these people, 17% said they have been on their lender’s SVR for up to 12 months, while 21% said they have been on an SVR for longer.
The report showed that less than half (45%) of respondents could confirm they had never been on their lender’s SVR, while 18% had no idea whether they had or not.
Nearly half of those polled (47%) said they do not believe their current mortgage provider would care if they moved to another lender.
Only 38% of people felt their mortgage provider would care if they took their business elsewhere while 15% said they didn’t know whether their lender would care or not.
Ross Boyd, founder of Dashly, said: “We live in an increasingly customer-centric age and, believe it or not, many banks don’t actually want customers to default onto SVRs. It’s these progressive lenders that are much more in sync with where the customer relationship is heading.”