Homeowner insurance holders across the UK have reduced their spending of late but ignored the biggest monthly outgoing, according to a new report.

Research from Barclays this week shows that 58 per cent of homeowners have never changed their mortgage outside of moving house.

But the bank says that with homeowners spending over 16 years in each home, years of potential mortgage savings are going to waste.

Barclays urges homeowner insurance holders to take action – as some current rates on the market could save homeowners a collective £346 million over next two years.

Andy Gray is head of mortgages at Barclays, and he thinks that with Brits fighting to cut their costs - it’s important to consider addressing their mortgage.

He says: “The fact that around six in 10 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.”

The UK is a cost-cutting nation with 92 per cent of landlords insurance holders currently trying to reduce their monthly outgoings.

The research shows that there is a clear disconnect with people failing to realise how much they can actually save by swapping their mortgage.

A staggering 58 per cent of homeowners say they have never remortgaged outside of moving home but the majority (74 per cent) said that if they could save up to £50 a month they would consider doing so.

Those polled thought swapping a mortgage could save them around £10 a month, but Barclays calculations show remortgaging could save landlord insurance holders much more.

With homeowners living in their homes for on average over 16 years, they are potentially missing out on years worth of decreased mortgage payments.

Nearly half of those surveyed (44 per cent) say they spend more time on cost-cutting over the past 12 months – with three quarters of landlord home insurance holders spending up to three hours a month on reducing their monthly costs which demonstrates that every £1 is important.

Spokesperson Andy Gray says: “Since launching Great Escape a year ago which is a cost free way to swap a mortgage, we have saved homeowners £40m but there are still millions the nation could be saving.

“The fact that the majority of people would remortgage to save £50 a month, demonstrates that homeowners consider these potential savings to be worthwhile. There are an increasing number of good mortgage deals to be had so we are urging homeowners to act now”.