"Undoubtedly, the new application process has added to the complexities of remortgaging and increased the amount of information prospective borrowers need to provide."
The research from Go Compare that home insurance (84%) and ISA or savings accounts (78%) were the easiest products to switch.
When asked what had made switching products difficult, 28% said they had to answer too many questions or provide too much information. A quarter said the process of changing providers or products was too complicated, while 32% said the switching process took too long.
Half of those surveyed said if it was easier to find out exactly how much they could save they would switch more, while 35% would be motivated to switch regularly if it was easier to find the right product for them.
Shorter timescales were also cited as an important factor, with 29% of those surveyed saying they would switch financial products more regularly if the process was faster from start to finish.
Last month, the government announced plans to make switching providers "quicker and easier" across a range of sectors, including mortgages.
Its new proposals could allow consumers to switch provider in a week or less, and the rules could be in place as soon as next year.
Recent research from Legal & General Mortgage Club found that swapping an existing mortgage to a more competitive product saves the average homeowner over £2,000 a year.
Matt Sanders, head of money at Gocompare.com, said: “For the second year running, consumers have told us that mortgages are the hardest financial product to switch. This in part can be explained by the tougher lending rules which came into effect in April 2014. These require lenders to assess the affordability of a mortgage by looking at would-be borrowers’ overall financial health as well as their earnings. Undoubtedly, the new application process has added to the complexities of remortgaging and increased the amount of information prospective borrowers need to provide."
