The well-heeled are often famed for being frugal, and never more so than when it comes to their mortgage, according to research from leading independent mortgage adviser, Charcol.

The firm's latest research reveals that three-quarters of people with mortgages on properties worth over £500,000 have reviewed their home loan since originally purchasing their property. This compares with an average of just 52% for all borrowers.

The savings that can be made by remortgaging on to a better deal are substantial. For example, switching on to the current market leading 2 year tracker mortgage from Birmingham Midshires Solutions could prove to be very worthwhile, saving those on a £100,000 mortgage approximately £150 a month, while those on a £400,000 mortgage would save around £592 a month.

Ray Boulger of Charcol comments: "The old adage about the rich getting richer whilst the poor get poorer is never truer than when applied to the level of remortgaging amongst high net worth borrowers.”

“Those affluent homeowners whose property is worth half a million and above continue to save money by remortgaging, whereas many average borrowers with cheaper properties seem happy to languish on a much higher rate than necessary, thereby paying more.”

"This may not all be attitudinally based however. There is no doubt that the maths of remortgaging tends to favour those borrowers on higher value loans. This is because the fees involved tend to be less on a percentage basis, compared to the savings on offer by moving to a deal with a lower interest rate."

"However, reviewing and potentially switching your mortgage shouldn't just be an area for high net worth homeowners. Ultimately, all borrowers are lord of their own manor, regardless of the value of their property, and looking out for ways to save money on monthly payments should be a matter for all."