By staying on their initial lender’s standard variable rate (SVR), rather than shopping around for a new fixed rate mortgage, households can shell out an extra £2,600 in repayments over a two-year period, the site claims.

Louise Cuming, head of mortgages at moneysupemarket.com, said: “People should bear in mind that for just a little work comparing mortgages, the rewards can be huge.

“Anyone coming to the end of a fixed term product should be looking for their next deal now and not leaving it until they have languished for a while on an SVR for a while. Lenders will sting you for laziness.”

Sponsored