'Don't make your finances into a mountain - get financially fit'

Mortgages are one of the biggest outgoings for UK consumers, it has been claimed, meaning that they should take the time to make sure they are financially fit.

This is according to Abbey, which has stated that by spending time on understanding their mortgages and when they are due for renewal, people may be able to save money by getting a better rate from a different provider.

Along with reviewing credit cards, savings accounts and insurance, reassessing home loans to find the best mortgage may help to improve financial health.

Nici Audlham-Gardiner, head of mortgages at Abbey, said: "There's certainly more that we can all do to improve our financial fitness."

"It's all about discipline, in the same way that you can be physically disciplined if you decide to get physically fit."

By spending time on finances in manageable "bite-size chunks", people should find that they do not struggle or find that their money matters do not "become a big mountain to climb", Ms Audlham-Gardiner added.

When it comes to credit cards, 55.3 per cent of all European credit cards are in the wallets of British consumers, with 74 million cards having been issued in the UK alone, according to Abbey.