The saving is worth £169 per month, yet almost nine in 10 borrowers haven’t considered moving lenders, a study by TSB found.

A quarter of homeowners say they would find the task of securing a new rate too stressful or daunting – providing an opportunity for brokers to step in and guide overwhelmed consumers through the process.

A further 14% said remortgaging takes too long and they wouldn’t know where to look for a new deal.

For the majority of homeowners, their mortgage is their biggest monthly outgoing, yet almost a third were not aware of how much they paid in interest each month.

Nick Smith, head of mortgages at TSB, said: “Remortgaging might not be right for everyone, but it’s important to take a look at your options, know the amount of interest you’re paying and speaking to your bank or mortgage adviser about any changes that could save you money.”