Ms Derville Rowland:

I will make two additional points. Right across our work, we seek to improve the context for consumers in the mortgage market. Part of the work we did, based on consultations we undertook last year and the year before, was to bring really helpful information directly to the notice of customers so that they would have a very directional prompt to act. We see that varying prices are being charged in the mortgage markets. This occurs in many markets, not just those in financial services. It is a feature of competition. We can see that many customers could make savings for themselves if they were prompted to act so we strengthened the regulatory framework to ensure that people coming to the end of a fixed rate product are given more time and given information about cheaper products available to them from their own lenders. That is a new strengthening of the framework which we hope will prompt people to move to cheaper products. At least once a year, and whenever there is a change in a variable interest rate, information is sent directly to customers about cheaper products available to them. That measure came into force at the beginning of 2019. We hope to see dividends arising from that. Even without switching between lenders, people can make savings by switching between products offered by their own lender. We see that having an impact on the behaviour of lenders as well because they have to communicate this pricing to their customers directly. We will be keeping a watch on that.

There is value on the table for people who take these steps. We want to see them take these steps so that they can get cheaper prices. Another part of that relates to people being able to get a cheaper product because the loan-to-value ratio changes. We are demanding that lenders give customers that specific information. All of those very directional prompts have been introduced to the system to help people make the changes open to them. We have also strengthened measures related to switching. We really want people to know this is possible and that there are significant savings to be made. We have done a lot with regard to strengthening the regulatory framework. We would like more people to utilise the switching process. Mr. Sibley may be able to say something about the percentage savings that can be made. These are things that have already been done this year.