New analysis by Tesco Bank has found that mortgage customers on SVRs could be overpaying on their mortgage by up to £274 a month.

The research also found that almost two-thirds (62%) of prospective homebuyers were optimistic about their housing prospects, down 11% over the past six months, while a third were more pessimistic.

Those who said they were pessimistic cited economic uncertainty, budgetary pressure and the prospect of interest rate rises as key concerns around purchasing a house.

David McCreadie, managing director of Tesco Bank, said: “Our latest homebuyers research illustrates that customers continue to face many challenges when buying a home and so we give them a little help by offering our competitive rates when their fixed rate term comes to an end.”

Further research also found that a significant number of older homebuyers were relying on their parents for financial support when buying a home.

Almost one-fifth (18%) of UK homebuyers over the age of 40 relied on the Bank of Mum and Dad to buy a home and typically received more than £50,000.

More than half (55%) were given this financial support as a gift and almost a third (28%) received it as a loan.

However, under 30s were still significantly more likely to require parental support while buying, with almost three-fifths (59%) receiving support from family members.