Follows Bank of England announcement
A mortgage broker is calling on lenders to make it easier for homeowners to switch.
It's after the Bank of England announced its first rise in interest rates for a decade, a move likely to increase repayments for 14,000 Islanders.
Research carried out by online mortgage broker Trussle, has found those on Standard Variable Rate (SVR) mortgages pay an average of £5,000 a year more than they need to - despite many not even knowing what the terms mean.
The company's founder, Ishaan Malhi, says many are put off comparing the options:
Man found dead in Island plantation
Manx Care 'reviewing' findings of landmark UK maternity reports
Public input sought to help shape the future of adult learning at UCM
Seventh candidate to stand for election in Ayre and Michael