An estimated half a million mortgage holders have wasted up to £369 over the last three months because they have been putting off their search for a remortgage .
Independent mortgage expert Charcolonline said these mortgage holders that delay switching from their mortgage lender's standard variable rate to a competitive remortgage rate, are wasting money .
The mortgage website's Drew Wotherspoon said it is "absolutely imperative" that mortgage holders whose cheap two-year mortgage deals expired in the summer, search for a remortgage .
"Three months is not a long period yet, in financial terms, it simply does not make sense for them to remain on an uncompetitive rate a day longer than they ought to," Mr Wotherspoon pointed out.
He said that while these mortgage holders are unlikely to find mortgage rates that are as competitive as the ones available in the summer of 2003, some "very attractive options" are available.
"A mortgage is most people's biggest financial commitment so there is no room for apathy when it comes to ensuring you are getting the best possible value for money," Mr Wotherspoon insisted, saying that the first step in a search for a remortgage should be shopping around.
Mortgage holders urged to search for a remortgage
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Mortgage holders urged to search for a remortgage
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