The average UK homeowner could save £66.75 a month by switching from their current mortgage to a better product, according to research from Clear Cut Mortgages.
Clear Cut says this would reduce the average UK annual household repayment from £5,167 to £4,366 on an average outstanding mortgage balance of £63,250.
This would equate to cutting national mortgage repayments by £8.1 billion a year, or 16 per cent of total repayments.
Sales and marketing director Ben Thompson says: “It is surprising that the message has failed to get through to borrowers that they can make real savings on their mortgage, simply by switching to another rate. What is perhaps most interesting is that this is against a backdrop of increasing interest rates and there must be a good number of borrowers that are starting to feel the pinch of higher rates.”