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The prospect of a rising base rate means homeowners are rushing to move onto fixed rate deals for peace of mind over mortgage repayments.

E.ON is scrapping rip-off standard variable tariffs for most of its 2.1 million customers on these deals.

They will be rolled onto a fixed rate unless they choose otherwise.

The process will take place over the next two years, with the emphasis on those with smart meters. E.ON’s standard variable tariff is, on average, at least £34 a year dearer than its fixed rate deal. Citizens Advice chief Gillian Guy said: “This must not become a situation of one bad deal replacing another.”