A majority (80%) of property owners believe that they could get a better mortgage deal than what they currently have, according to Boon Brokers.
An estimated 1.43 million homeowners said that they had been put off changing their mortgage because they did not feel as if they had the time or energy.
This equates to 13% of the UK’s outstanding mortgages, the research showed.
However, just 20% feel confident that they are on the best deal available.
A third of those surveyed (34%) outlined that switching a mortgage is a hassle.
Under-45s were three times more likely to have put off switching than the over 45s, 6% compared to 22%, respectively.
The survey contained the results of 1,100 UK mortgage-holders.
Gerard Boon, founder and partner at Boon Brokers, said: “Switching a mortgage doesn’t have to be stressful, yet it is one of those things which people regularly put off.
“We will happily spend time shopping around to save a few pounds when we are buying a new washing machine, but we won’t refinance to the best mortgage product on the market which could save hundreds of pounds per month – tens of thousands over the lifetime of the product.
“One of the very worst situations to be in is to have come out of a fixed term deal and ended up on a lender’s standard variable rate – the difference can be dramatic, yet so many people are in that situation.”