Martin Lewis has issued important advice to UK homeowners, advising them to act in order to save up to £300 a month. The Money Saving Expert explained that the simple task takes just one hour to complete but can help Brits save much-needed cash.

It is estimated that around two million people are at risk of seeing their mortage payments increase by a significant amount if they continue to “do nothing”. In a recent update, Martin issued advice about how to make mortgage savings this February.

As reported by the Mirror, he said: “January has folded itself up, put on a coat and slipped out the back door. It’s the month most people intend to organise their finances, but intention isn’t action, so if you never quite got there… this is your belt-and-braces, no excuses, bill-busting sweep-up.

“We started this last week with the Big Energy Switch (still on till Thursday). Yet remember, the easiest way to overpay a bill is to assume you’ve sorted it… when you haven’t, so no apologies that I’ve already covered some of these this year – what matters is if you’ve checked them.”

Martin explained that this step takes just a hour to complete. He also estimated that a “typical” saving could be £2,000 per £100,000 of the mortgage.

Around 1.8 million fixed mortgages are set to end this year and, according to Martin, you could be moved to a higher interest rate if you “do nothign”. He added that your rate could be as high as 7%.

He said: “Over 1.8 million mortgage fixes end this year. If that’s you and you do nothing, you could see what you pay increase by say £300 a month as you’ll be moved to your lender’s Standard Variable Rate (typically seven per cent compared to the four per cent cheap fixes).”

In order to check your details, Martin advises cheking your current mortgage before carrying out a quick mortgage best-buys comparison. You can then discuss any potential change with a mortgage broker.

Martin added: “So prepare in advance to stop that happening. This takes time, but an hour should be more than enough for you to work out if you’re going to be able to save large. Our free remortgage guide can take you through it step by step and our ultimate mortgage calculator will help you see if you can save.”

He continued: “Remortgaging can help you save £100s or even £1,000s. But if you want to change mortgage deal then getting it right is really important, otherwise you might not actually end up saving.”