Homeowners on tracker mortgages are probably feeling quite smug as a result of interest rates falling to historic lows since the credit markets hit turmoil.
Tracker and variable rate mortgage-holders have seen their mortgage rates plummet, and monthly repayments subsequently reduce, putting them in the prime position of having extra disposable income each month.
So, are they using this opportunity to overpay on their mortgage - shaving years off the repayment term and saving thousands of pounds in interest? Of course not, that would make too much sense. Many are simply frittering this extra cash away instead.
Figures from financial advice website unbiased.co.uk found more than half (53%) of borrowers who say they are on a tracker mortgage are still not taking advantage of historic low interest rates to overpay on their mortgage.
Of those tracker mortgage borrowers surveyed, just one in five (20%) have held repayments at the levels they were before the round of rate cuts earlier this year, enabling them to reduce the amount outstanding balance and term of their mortgage.
A small number are using the extra number to pay off other debts, but one in five are frittering cost savings away and 7% are even letting their current account balances build up.
While it's probably been a while since any of us have received a pay rise at work, it's a similar kind of situation.
We manage on a set amount of income, and when we're in the fortunate position of it increasing – instead of using the extra cash to improve our situation by saving or overpaying on debts, we find ourselves increasing our day-to-day spending and soon wondering how we got by on less before.
It involves some discipline to really take advantage on an increase in disposable income – to pretend it's not there and divert it to building savings or clearing debts before you've got chance to spend it. But really, it's the easiest kind of saving to do, because if you've previously got by without it, you won't miss it at all.