Analysing data over 2021 showed a typical monthly mortgage payment of just under £900 per month, compared with spending on gas and electricity of £112 per month.
Mortgage payments typically amount to at least seven times energy bill spend, according to data collected by L&C Mortgages.
Analysis of data from 2021 showed a typical monthly mortgage payment of just under £900 per month, compared with spending on gas and electricity of £112 per month.
Energy prices are expected to rise by 50% in 2022, but mortgage savings could wipe out those increases, the data showed.
Mortgage rates are already on the rise, as lenders have started to pass the base rate increase through to Standard Variable Rate (SVR) customers.
Remortgaging from an average SVR (3.91%) to a leading fixed rate (1.36%) could save customers over £2,200 per annum on a typical mortgage, according to L&C.
Cutting rates by 0.65% could offset the anticipated £600 annual increase in energy bills.
David Hollingworth, associate director of L&C Mortgages said: “It’s easy to focus on the costs that are climbing rapidly like energy bills and many homeowners will feel the pinch due to the price cap rise in April, when council tax and National Insurance changes will also begin to bite.
"Many of these elements are out of our control but the mortgage is often a substantially higher outgoing and could offer a silver lining for homeowners.
"Fixed rate mortgages offer a chance to save thousands for those that have drifted onto a lender’s Standard Variable Rate.
"Cutting the biggest household bill could offer savings that mitigate the inevitable increase in other costs but also gives the chance to shelter payments from any further interest rate rises.”
