Abbey: 5m homeowners not on best mortgage

High energy bills? Stay cool! #SummerEnergySavings

Compare energy deals and switch supplier to cut your bills by £447* and a chance to win a Dyson Cool Tower Fan!

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jul 2018 and 31 Dec 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £447 or more.

Around five million homeowners in the UK are not on the most suitable mortgage deal for them, according to new research.

The study by Abbey has estimated that the affected Brits could be spending around £5 a day on home loan overpayments, meaning that around £25 million is being wasted by those who do not shop around for the best deal.

It was also found that 47 per cent of homeowners do now review their mortgage deal regularly.

Commenting on the findings, Nici Audhlam-Gardiner, Abbey's mortgage head, said: "£5 a day or £140 a month on average is not an insignificant amount of money and we know for a fact that five million people could benefit immediately by shopping around."

Research by also recently indicated that homeowners could make significant savings by shopping around for mortgage deals.

The study concluded that people could save up to £3,000 by spending more time researching their options.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more