27% of homeowners are now sitting on their lenders standard Variable rate (SVR), which is an increase from 23% earlier this year.

The current low levels of many lenders' SVR is proving temping for many homeowners who are choosing to stick with the variable rate and enjoy the lower payments while they're here.

From the perspective of a mortgage broker, we urge any homeowners currently enjoying these reduced payments to focus on reducing any other more expensive debt while you can, and if you are fortunate enough to not have any other debt, then concentrate on taking advantage of the lower interest rate by overpaying into your mortgage.