Homeowners are wasting a collective £25 million every day because they are not receiving the best deal from their mortgage provider, according to research from Abbey Mortgages in January 2008.

The lender found that some five million homeowners are each losing £5 daily because they are not on the most competitive deal.

According to the UK's third largest mortgage provider, that extra £5 a day could be invested into overpayments, saving the average homeowner £38,432 in mortgage repayments and reducing the length of the term by six years.

Nici Audhlam-Gardiner, head of mortgages at Abbey, said: "£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."

The research also revealed that some 47 per cent of homeowning Brits - approximately 8.3 million people - fail to regularly review their mortgage against other deals on the market.

According to the most recent figures from the Council of Mortgage Lenders, 2007 saw the highest ever level of gross mortgage lending, despite a downturn at the end of the year caused by the credit crunch.

It is estimated that over £362 billion was lent to homeowners, up five per cent from the £345 billion provided in 2006.

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