Nearly one in ten people have no idea how much they are paying on their mortgage every month, CFEB research has suggested, while 15% are unaware of what kind of mortgage they have.

Additionally, nearly half of homeowners do not plan to shop around to get a better mortgage rate or will only consider doing so when their current deal expires.

“The first thing we recommend is to fish out their key facts document – whether it is fixed or tracker – and see what rate they are currently paying,” said CFEB Regional Manager Mary Graham.

“This is a document that often gets filed away somewhere and forgotten about.”

According to research by Zoopla, mortgage restrictions remain the biggest threat to the future of the housing market.

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