Barclays is warning that consumers are missing out on a huge cost-saving opportunity after research by the bank revealed that 58% of homeowners have never changed their mortgage aside from moving house.
Some 74% of those surveyed said they would consider remortgaging if it would save them £50 a month, but the majority believed they could only save around £10 a month by doing so.
The research also shows that 44% of people say they have been spending more time on cost cutting over the past 12 months, but Barclays argues many are missing out on one of the biggest saving opportunities by ignoring their mortgage.
Andy Gray, head of mortgages at Barclays, says: “The fact that around six in 10 homeowners have never changed their mortgage outside of moving house suggests that they simply don’t realise the levels of savings to be had by remortgaging.
“As monthly outgoings rise, and Britons fight to cut their costs, it’s important
that they consider addressing their mortgage.”
He adds:“There are an increasing number of good mortgage deals to be had so we are urging homeowners to act now and look at the rate they are paying, to allow them to get more out of their hard-earned cash.”