Brits are “ignoring how they could cut one of their biggest monthly outgoings”, despite showing improvement in managing their finances and cutting costs with their monthly outgoings with cheap home insurance. New research revealed that 92 per cent of people in the UK are successfully cutting costs, but many are failing to reduce their mortgage monthly outgoings.

In a report by Barclays, a whopping 58 per cent of homeowners admitted to never amending their mortgage after making the initial move, while three quarters of all respondents noted that they could potentially save £50 each month if they did. Money saving strategies were instead focused on smaller areas, such as takeaways, clothes and nights out. Others even decided to take a risk and cancel important insurance cover, including house insurance.

Head of mortgages at Barclays Andy Gray said of the findings: “The fact that around six in ten 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.”