Recent research has shown that a mortgage with a large initial discount costs more in the long run than a long term low tracker or standard variable rate (SVR) option.
Choosing an initial discount mortgage with a high ongoing standard rate for 100,000 will cost 1,840 more over five years than a mortgage which does not go over one per cent over base rate, the internet bank found.
Andy Deller, director of banking and insurance at Egg - which carried out the research - said: "Discounted rate mortgages are popular with homeowners for good reason, as they help initially to reduce outgoings.
"However, for the typical borrower avoiding loans with a high ongoing standard rate is more important.
"Our research shows that on average once borrowers start paying this ongoing rate they have a mere 14 months to remortgage before all of the benefit of their initial discount is destroyed."
