Almost a third of borrowers do not take the time to compare the various deals available on the mortgage market despite the importance they place on interest rates, it has been revealed.

Research from Moneysupermarket.com has found that 29 per cent of borrowers did not compare products when looking for a new deal, instead simply opting to remain with their current provider.

Yet over four in five respondents said that finding the best rate of interest was of paramount importance to them.

"With so many people choosing their mortgage without comparing the market it is inevitable that many will not be getting the best deals," advised Louise Cuming from Moneysupermarket.

"The figures show the older generation has far more loyalty to providers and are less likely to shop around. I would remind them that loyalty comes at a price and that regardless of age everyone should shop around."

The base rate is expected to rise again this month when the Bank of England's Monetary Policy Committee meets later this week.