Undertaking through research into mortgage arrangements can be very helpful to homeowners, it has been suggested.

With the credit crunch continuing to bite and lenders becoming increasingly picky when it comes to granting mortgages, banking firm Abbey suggests that people should be "putting in the time" to shop around.

Nici Audhlam-Gardiner, head of mortgages at the firm, said: "A mortgage is probably the biggest outgoing that some people have so they really should be spending the time to understand when it''s coming up for renewal and then making sure that they''re on the best rates that they can be.

"It''s always a good idea to look at whether you can get a better deal…it''s all about discipline."

The importance of being aware of what deals are on offer from different financial services providers was also highlighted in separate research released today by advice website moneysupermarket.com.

It found that there is a significant difference in the amount lenders charge borrowers for going into arrears, with the gap between the cheapest and most expensive deals standing at £372.