A high number of homeowners in the UK have never changed their mortgage, new research has shown.
Carried out by Barclays, the study revealed many people are failing to identify that altering their home loan options could help them reduce one of their biggest monthly outgoings.
According to the investigation, 58 per cent of householders have never switched their mortgage outside of moving abode.
Despite this, 74 per cent of those surveyed said they would consider making a change if it meant they could save up to £50 a month by doing so.
Andy Gray, head of mortgages at Barclays – which has a history of more than 300 years and currently operates in over 50 countries, employing almost 148,000 individuals – noted: “The fact that around six in ten homeowners have never changed their mortgage outside of moving house, suggests that they simply don’t realise the levels of savings to be had.”
The industry figure explained it is important individuals consider addressing their mortgage, especially as Brits seek to cut their costs as monthly outgoings continue to climb.
