More than half of homeowners miss out by never switching mortgage unless they move

With a large percentage of homeowners looking to cut monthly outgoings, research has shown that they could be missing a trick by not looking for a new mortgage deal.

 A Barclays report revealed that 58 per cent of homeowners surveyed have never remortgaged, except when moving property.

 The average UK homeowner spends 16 years in their property and could be missing out on potential savings of £1,200 a year by remortgaging, the bank says.

 The data shows that collectively, UK homeowners could save as much as £346million.

 It believes that part of the problem is people failing to realise how much they could save by swapping their mortgage.

 A large amount of homeowners believe that potential savings would be on average just £10 a month and this has put them off from looking around for a new deal.

 However, the research found that 74 per cent of homeowners said they would consider changing mortgage deal, if they could save up to £50 a month.

 It comes as soaring energy bills and petrol costs are resulting in a high number of households looking to trim back on spending - the research found that 92 per cent of homeowners are trying to reduce their monthly outgoings.

 The bank says that rather than cutting back spending on luxuries such as takeaways and clothes, homeowners are missing out on the biggest savings opportunity - their mortgage deal.

 Andy Gray, head of mortgages at Barclays, said: 'The fact that around six in 10 homeowners have never changed their mortgage outside of moving a house, suggests that they simply don’t realise the levels of savings to be had by remortgaging'