Over nine out of ten people are ignorant of the potential benefits of flexible mortgages according to a survey by The Mortgage Business.
The research shows that 96 per cent of customers have no knowledge of flexible mortgages when first asked.
This is despite the fact that three quarters of the sample had moved or remortgaged in the last year to 18 months and the remaining 25 per cent were in the process of either moving or remortgaging.
Almost half of those interviewed believed that mortgages are currently too rigid and inflexible. And 72 per cent said they would like lenders to give customers some leeway to decide when and how much they could pay in their monthly payments.