The bank’s latest research showed that more than nine out of 10 homeowners are trying to drive down their monthly outgoings, but 58% said they had never remortgaged unless they were moving home.
Barclays said that with homeowners living in their homes for an average of 16 years, they are potentially missing out on years’ worth of decreased mortgage payments.
Despite the benefits of remortgaging, three quarters of homeowners said they spend up to three hours a month working out how to reduce their monthly costs.
Andy Gray, head of mortgages at Barclays, said: “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 Brits fight to cut their costs, it’s important that they consider addressing their mortgage.”
