Over one in ten homeowners (13%) admit they are not confident in their ability to meet their mortgage repayments over the coming months.  This is according to Compare the Market’s latest Household Financial Confidence Tracker.

The survey also reveals that 57% of mortgage holders say they are unlikely to switch their mortgage to a new deal while rates remain at current levels.

By contrast, if the Bank had lowered rates, 46% of mortgage holders said they would have been likely to shop around for a new deal, prompting lenders to compete for their business.

Nearly half of UK households (46%) feel more pessimistic about their finances in comparison to this time last year, according to the research. Due to the higher cost of living, more than one in four people (26%) do not feel confident in being able to manage their household bills in the coming weeks, with many people cutting back on non-essential expenses.: “I’d encourage everyone to proactively look for savings where possible to avoid needlessly wasting potentially £100s or sometimes £1,000s a year.

“The good news is some mortgage providers have been lowering mortgage rates on their fixes and trackers in recent months, creating opportunities for some to switch to a more affordable deal.”