Failure to review mortgage rates is a costly mistake.

The failure of many mortgage holders to review lenders mortgage rates on a regular basis could be a costly mistake.

In fact according to Unbiased.co.uk the independent legal financial advisory information services site, around 49 per cent of all UK mortgage holders have not reviewed their mortgage rates for over three years.

Many advise that they have failed to do so because the base rate has remained at an historic level of 0.5 per cent since 2009 and a review was therefore considered unnecessary.

The BOE base rate has remained at a record low since March 2009, but this has not prevented mortgage rates from slowly creeping up.

Indeed latest SVR rate increase announcements by lenders such as the RBS and Halifax should now prompt mortgage holders into reviewing their deal.

When looking at average fixed rates currently paid, around 42 per cent of fixed rate mortgage holders pay around 4.63 per cent for their deal. There are more competitive lender offers currently available and Deal Direct as 'whole of market' brokers are best placed to source you a new deal.

Worryingly the Unbiased.co.uk survey also reveals around 56 per cent of mortgage holders are actually unaware of the mortgage rate they pay. Rate awareness is essential and this is especially true now that mortgage rates are starting to go up.

Deal Direct recommend that all mortgage holders review their current deal as soon as possible. We can then compare all UK lenders latest mortgage rates on your behalf to find you a more competitive deal.