Just 4% of consumers switched their mortgage provider in 2020, according to research by GoCompare.

Overall, the data shows that 43% of UK consumers had not switched from any of the 10 most popular financial products.

This is up from the 39% recorded in 2019.

Almost a quarter of London population rent

A quarter of mortgage holders reported that they had never switched from their current deal.

The survey also asked those consumers who had recently switched financial products, whether they had found the experience easy.

This revealed that people had found home insurance (82%) the easiest product to switch.

Furthermore, the research outlined that in 2021, 88% of Brits intend to reduce their outgoings.

In addition, a fifth will look to reduce their spending on household utility costs and 16% intend to cut their spending on petrol and other transport costs.

Only 10% of those surveyed plan to reduce their home insurance.

Lee Griffin, founder and chief executive of GoCompare, said, “Our Switching Report suggests that millions of households aren’t actively engaging with their personal financial or utility bills.

“Providers still tend to price products to attract new customers rather than rewarding loyal ones – who effectively end-up paying a hefty ‘loyalty tax’.

“So, particularly if you haven’t reviewed your arrangements for a few years it’s a good time to do so.

“For people whom the pandemic has caused extreme financial difficulty, there is help available.

“For example, insurers have put in place measures to support customers, including payment holidays.

“In these circumstances, it could be in the insured’s interest to remain with their current provider.

“But people who are still able to pay their premiums really need to shop around this year to see what other insurers are willing to offer them.”