TMA Mortgage Club has encouraged advisers to contact customers on standard variable rates (SVR) to ensure that their clients are getting the best possible terms on their mortgages.

TMA claimed that there were many reasons why customers opted for their lender’s SVR, with some borrowers believing that they couldn’t move elsewhere, due to the fact that they had been on a set deal for so long.

Recent figures published by Virgin Money revealed that around three million residential mortgages in the UK are now on an SVR scheme, which equates to almost a third of the market, covering total lending of £225bn.

Research carried out by Citizens Advice found that customers who have rolled on to their lender’s SVR at the end of a two-year fixed term mortgage deal, typically pay an additional £439 a year.

Consumers who switch could potentially save over £4,500, based on a £250,000 mortgage loan.

“With an interest rate rise firmly on the horizon, there are a huge number of borrowers who could benefit from switching products now to take advantage of some of the cheapest fixed rate mortgage rates they may see for a while,” said Lisa Martin, group development director at TMA.

“TMA recognises the vital role that advisers play in educating clients and dispelling any myths around remortgaging.

“We will continue to support our members as they make their clients aware of their options while sitting on their lender’s SVR.”