Mr. Brendan Burgess:

There are people who cannot move to another lender because they are in arrears but there is a whole cohort of others who may have restructured mortgages or their family circumstances may have changed since they took out the mortgage and they cannot switch. They may be living in a house with mica, for example. There is a whole pile of reasons people cannot switch. They are absolutely stuck and there is nothing they can do. There is a group of people with performing mortgages who are paying these higher rates and could switch but just do not get around to it.