Legal & General is urging borrowers to consider re mortgaging because it could save them £800 a year.
Its latest survey shows that homeowners who have changed to a cheaper loan have saved on average £65 a month.
It found that 25 were dissatisfied with their mortgage but only 53 per cent have ever considered re mortgaging.
It also found that 10 per cent felt re mortgaging would be too expensive, 16 per cent didn't want the hassle and ten per cent said they just couldn't be bothered.
L&G director of housing markets Gareth Hoskin says: "Many lenders pay the cost of re mortgaging or include it in the new loan so that it can cost little or nothing to re mortgage. Savings of £800 could translate into a lot of money over a 10 year period."