Brits are wasting £25 million a day by not remortgaging, reports Abbey Mortgages.

According to the firm, five million homeowners are paying £5 a day more than is necessary by sticking with an uncompetitive loan.

It also found that 47 per cent of people - 8.3 million - are not reviewing their mortgage regularly, a move which could be costing them an extra £38,432.

Nici Audhlam-Gardiner, head of mortgages at Abbey, commented: "£5 a day or £140 a month on average is not an insignificant amount of money and we know for a fact that five million people could benefit immediately by shopping around."

Women were found to be the least mortgage-savvy, with 49 per cent failing to undertake a review of their loan, compared to 46 per cent of their male counterparts.

When asked about their current mortgage, 31 per cent of women admitted theirs was not the best deal they could get, in comparison to 26 per cent of men.

The Council of Mortgage Lenders reports that gross lending reached a record value of £362 billion last year.

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