According to a survey conducted by Which? Mortgage Advisors, who questioned 5,034 mortgage holders, a third of all borrowers do not know what interest rate they are paying on their mortgage.
The results of the survey highlighted that just 32% of borrowers knew their mortgage rate. However, of those who were aware of their rate, 89% felt informed about the impact of a potential rate rise. For those individuals who did not know their mortgage rate, only 58% felt informed about this impact, despite speculation that a base rate increase is looking more likely.
As interest rates have been at a historic low, more consumers have chosen fixed rate mortgages. David Blake of Which? Mortgage Advisers, reiterated the importance of seeking independent mortgage advice if consumers are concerned about the future impact of any base rate rise that may occur.