Homeowners are putting too much emphasis on the interest rate when looking for a new mortgage deal, research has shown.

The latest mortgage map from the price comparison website, moneysupermarket.com, reveals that 74 per cent of homeowners are "fixated" on the rate of interest.

While interest rates are of course important, there are a number of other factors such as the arrangement fees that borrowers should consider.

"It's of grave concern that homeowners are placing most importance on low interest rates," said Louise Cuming, head of mortgages at moneysupermarket.com.

"With fees having shot up over the past 12 months, people need to factor in the true cost of a mortgage rather than be tempted by the rate."

She added: "It's almost natural instinct for borrowers to believe a lower interest rate is better, but that isn't always the case."

The recent credit squeeze has prompted many mortgage providers to rein in their lending activity.

This means that homeowners are having to work extra hard to find an attractive remortgaging offer.

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