Martin Lewis issues broadband warning to millions of BT, Sky and Virgin customers

Martin Lewis has issued a warning to Brits who pay for broadband internet which, unless you're lucky enough to sponge off someone else's WiFi, applies to pretty much everyone.

If you're a victim of slow internet speeds, the Money Saving Expert is urging broadband users to check what speed you currently receive with your provider, before checking what you could get elsewhere — and for how much.

According to the financial journalist, millions of Brits are currently out of contract with their current providers, but are still paying significantly more than they would need to if they switched elsewhere.

"Don't think of broadband as a monthly cost, but as an annual bill," he warned readers of the Money Saving Expert newsletter. "Then it's easier to see whether you're being ripped off, shelling out hundreds more per year than needed for paltry speeds."

Martin Lewis has a warning for anyone paying for broadband in the UK (Getty Images)

"The typical out of contract costs for big firms are BT £870 per year at 67Mb, Sky £550 per year at 30Mb, and Virgin £740 per year at 132Mb."

Lewis continued: "If you're one of the seven million out of contract on broadband and paying these sky-high costs, it's time to act - you could bag 264Mb for £335 per year."

So, what should you do about it?

First of all, work out what you're paying annually before comparing it to the top deals currently being offered by some of the main internet providers.

To keep it simple, you can head to the Money Saving Expert website to use the broadband comparison to see the best short term deals on the market.

You could save hundreds of pounds on your broadband bill each year (Getty Stock Images)

If you do find something better, the good news is you no longer need to contact your old provider to switch to another company, as Ofcom rolled out a 'one touch switch' service, meaning your new provider will sort it all out for you.

Lewis also said if you don't fancy going through the rigmarole of changing providers, you also have the option of getting in touch with your current broadband company to haggle down to a better rate.

If you're one of the millions of Brits who work from home and are put off from changing internet providers over the fear of being left without WiFi for several days while the changeover happens, fear not.

The majority of switches usually only require about two hours without interne,t and most don't even need an engineer to visit your home.