Remortgaging benefits are ignored by 58% of home-owners

According to Barclays, over half of all home-owners are missing out on remortgaging benefits. The lender warns that consumers are missing out on huge cost-saving opportunities after research by the bank revealed, 58% of home-owners have never changed their mortgage aside from moving house.

Around 74% of those surveyed said they would consider remortgaging if it would save them over £50 a month however, the majority surveyed believed they could only save around £10 a month by doing so.

Barclays’ calculations show remortgaging could save home-owners much more. With home-owners staying in their homes for on average over 16 years, they are potentially missing out on years worth of decreased mortgage payments. In fact, Barclays’ data shows its range of fixed and tracker rate products could save home-owners £346m over the next two years alone.

The research shows that 44% of people say they have been spending more time on cost cutting over the past 12 months, but Barclays argues many are missing out on one of the biggest saving opportunities by ignoring their mortgage.

Andy Gray, head of mortgages at Barclays, says: “The fact that around six in ten home-owners 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 Britons fight to cut their costs, it’s important that they consider addressing their mortgage.”