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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 an adviser's perspective, 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.

While it is difficult to predict how interest rates will move, eventually rates will rise again, so any households who can't afford to ride out any rate increases should seriously consider looking at a fixed rate for the security and piece of mind that comes with it.

For impartial advice, contact an independent mortgage broker and discuss your options. It's worth knowing what alternatives are available to you so you can make an informed decision and be aware of the potential cost to you of a rate increase.