Those of you paying lower rates will of probably paid higher fees that get bolted on to your mortgage so you might actually be worse of.

A lot of people dont even notice this fact on the paper work and just sign of for the lowest interest rate.

Northern rock are well know for this and mamnged to catch me out a few years ago.

If the mortgage is big then this is no big deal as the amount you save on interest can outweigh the added fees.

However, on a smaller mortgage (like me) it was beneficial to take the higher rate and incur no fees saving me about 1k over 2 years.

The mortgage companies have you by the ganglies either way