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Many homeowners throughout the UK have never changed their mortgage, despite when they have moved house, new research from Barclays shows.

This is the case for 58 per cent of people, the bank found, with many people saying they would be willing to make the change if they could save up to £50 a month on their outgoings.

Andy Gray, head of mortgages at Barclays, explained: "There are an increasing number of good mortgage deals to be had so we are urging homeowners to act now and look at the rate they are paying."

Of those questioned, 44 per cent said they had dedicated more time to cost cutting over the past 12 months, with 76 per cent spending almost three hours a month on reducing their outgoings.

Barclays estimates that with people spending an average of 16 years in their homes, there are considerable savings to be made.