Plans to make it easier for UK mortgage borrowers to shop around have been proposed by the City regulator after it found nearly a third of people are unable to find the cheapest deal.
The Financial Conduct Authority (FCA) said these people could be saving £550 a year.
Publishing its interim report into the mortgage market, FCA said competition was working well in many cases.
But it also identified ways in which the market could work better.
Mortgage debt accounts for more than 80% of total UK household liabilities.
Selecting a deal is one of the most important financial decisions consumers have to take but it can be a difficult one to get right.
FCA wants to see: consumers being able to find the right mortgage more easily; a wider range of tools giving people choices about the support they receive; consumers choosing an intermediary to be able to do so on an informed basis; people being able to switch more freely to new deals “without undue barriers”.
The regulator also suggested making it easier for people to compare mortgage brokers.
FCA strategy and competition executive director Christopher Woolard said: “There have been significant changes to the market since the financial crisis in order to ensure that we do not return to the poor practices of the past.
“For many the market is working well with high levels of consumer engagement.
“However, we believe that things could work better, with more innovative tools to help consumers.
“There are also a number of long-standing borrowers who have kept up-to-date with their mortgage repayments but are unable to get a new mortgage deal. We want to explore ways that we, and the industry, can help them.”