However, depending on individual financial habits, the net can be cast much wider than this.

For example, although the amount people are saving has fallen and costs have risen, households are still putting away an average of 8.8 per cent of their disposable income each month, according to Trading Economics.

The opportunity for borrowers to leverage this should not be ignored and we encourage every broker to look to their back books and identify who in their client base could save potentially thousands of pounds through a simple change of mortgage.

Ben Williams is corporate relationship manager at Coventry Building Society