A survey of 2,104 Which? members found that the mortgage interest rate was the main reason that one in four selected their current mortgage, but this can be misleading as hefty fees can increase the cost of mortgage deals significantly.
Just one in five chose their mortgage because of the overall cost of the mortgage deal.
Seven per cent of those surveyed took out a mortgage with their bank, and almost a third had never switched their mortgage.
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A similar number admitted they were paying their lender's standard variable rate, although people can normally save by switching to a better mortgage deal.
Which? Money also found that although almost eight out of 10 of those surveyed were very or fairly satisfied with their mortgage lender, just one in five were satisfied that their mortgage lender keeps them informed about better mortgage deals that might be available.
For the second year running, First Direct was rated best in the Which? Money mortgage lender satisfaction survey, with an overall customer satisfaction score of 90%.
Martyn Hocking, Editor, Which? Money, said: "The cost of mortgages has soared in the last couple of years, but a lot of the focus has been on what's happening with interest rates when in fact it's the total cost of the mortgage deal that's important.
"Whatever you do, don't take the lazy option of simply taking out a mortgage deal with your bank or staying on your lender's standard variable rate. If you shop around and do your homework, you could cut your mortgage costs by hundreds of pounds."
(CD/JM)
