Nearly one in five (19 per cent) of homeowners in the UK are over-paying their mortgage by staying on their lenders Standard Variable Rate (SVR).

A recent report has revealed that the most popular mortgage in the UK is a two-to-five year fixed rate, with just over a quarter (27 per cent) of homeowners taking this option to hedge against future base rate rises.

Homeowners in North Scotland are the worst offenders with an alarming 35 per cent of homeowners still on their lenders SVR. Lancashire also presents some disappointing results when it comes to sticking with the lenders uncompetitive offering.

This is likely to be at least two per cent above the leading rates available and the lack of action to review their mortgages and consider a remortgage could be costing borrowers dearly and having a negative impact on their future prosperity.

This study represents a snapshot of the whole of the borrowing population and adds value to the statistics based purely on new lending. Regional variations could point to a need for lenders to review their marketing approach or to deliver different product solutions to meet the differing needs in each area.

While an offset mortgage is one of the best ways to help ease rate rises, awareness is so low that just 4 per cent of borrowers have chosen this deal.

The initial survey has thrown up some interesting findings from a UK-wide and regional perspective such as, most people are not making their money work hardest for them.

Nationally, more than half of those surveyed show that they prefer the stability offered by a fixed rate product. However, two-to-five years is significantly the most popular term overall with just over a quarter of Brits taking up this type of mortgage.

The largest percentage of borrowers opting for five-to-10 year fixed rate mortgages are from the South West where the housing market is at its most expensive (most homes average at 200,000).

There is such a regional variation when it comes to five-to-10 year fixed mortgages, which is due to regional house prices.

The increasing age of the population is also a contributing factor, with a growing proportion of mature borrowers preferring the longer term fixed rate products as their incomes tend to be lower.

It is yet to be seen whether or not an increase in the take up of longer term fixed mortgages is likely as people try to negotiate future base rate rises.

As more High Street lenders break into the housing market, there are more long term deals available than ever before and there will definitely be more choice available in the market within the near future. This is good news for those looking to remortgage.

There is also evidence that there is no great appetite for lifetime mortgage products such as equity release. The retired generation for whom these mortgages are designed still aspires to become mortgage-free and the growth of this sector has been slower than initially predicted by new entrants to the market.

Also, the fact that 6 per cent of borrowers do not know the rate they are paying underlines that as yet, there is no universal awareness of the value of reviewing all financial products regularly.