However, it seems a significant chunk of the homeowner population may still be paying far more than they need to on their mortgage. New research has found more than one in seven mortgage holders (15 percent) have never switched mortgages.
In a study, from mortgage broker Boon Brokers, involving 1,100 mortgage holders in the UK, many admitted they had never "got round" to switching mortgage deal.
After the youngest category of homeowners, who are likely relatively new to the housing market, it was those aged over 65 who were least likely to have ever switched - with 18 percent admitting this was the case.
For those who had previously changed their home loan, for many, it had been a significant length of time since doing so.
The research found one in 10 (nine percent) said it had been more than 10 years since they last changed mortgage.
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A further 13 percent said it had been more than five years.
This is despite only one in four (24 percent) believing they are tied into their current mortgage deal.
The survey found 12 percent of the mortgages are with the company the mortgage holder banks with - which, according to Boon Brokers, is often unlikely to be the best deal available.
This figure was highest in the 45 to 64 age range, at 16 percent of homeowners.
Gerard Boon, founder and partner at independent mortgage, insurance and equity release brokerage Boon Brokers, said: “The worrying thing about these statistics is that it is likely that many of those who haven’t switched mortgage for quite some time (or ever) are now on a standard variable rate.
"Any fixed deals will have ended, leaving them reverting to a significantly higher interest rate than they could get if they went out on to the open market.
"People often believe it will be stressful or more hassle than it is worth to switch but in reality, if you go through a reputable mortgage broker, it can be incredibly straightforward – and the savings can run into hundreds of pounds a month.
“It is well worth checking your mortgage regularly to see what the situation is and if you’re not clear, you can always speak to a mortgage advisor at that point.
"Make sure you choose a mortgage broker who doesn’t charge fees and who has whole of market access, so they can search every deal available on the market.
"They will have access to mortgage products you can’t get directly, so it’s well worth fully investigating your options.
"Especially when this could save you tens of thousands of pounds over the lifetime of your mortgage.
"A good mortgage broker will then keep an eye on when your deal is due to expire and let you know, so you can always make sure you’re on the best product for you.”
Meanwhile, mortgage costs are increasing in parts of the UK due to climate change, it's been claimed.
Research from online estate agents Emoov revealed the cities most at risk of climate change and increased premiums, using National Trust, BBC and Climate Central data.
Naveen Jaspal, COO of Emoov said: “Climate change largely affects home insurance and mortgage lending.
"With the increased likelihood of flooding or high winds, insurance companies have to increase their premiums on properties within high risk flood areas.
"In turn, these higher premiums will decrease the likelihood of getting a mortgage on these properties.
"Properties that are likely to become damaged will cause major uncertainty for mortgage lenders.
"The knock on effect will be much higher deposits and lower loan-to-value ratios in these areas, this is a problem, as due to climate change, we are seeing these high-risk areas expanding.”
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