If your mortgage is your single biggest expenditure, then cutting its cost is likely to be your biggest single money saver.

Remortgages

Whilst the information is correct at the time of publishing, the mortgage market is volatile so always check before acting.

Before you go anywhere, challenge your current lender to give you a new offer. Remember, they make money from your debt so they want to keep your custom.

What is remortgaging?

Remortgaging is the act of moving your mortgage from one lender to another in order to get yourself a better deal, without having to sell your current home.

Around a third of all recent home loans were actually remortgages, as the UK’s hugely competitive mortgage market encouraged millions of borrowers to remortgage.

If you want to save money on your current mortgage, contact our Money Solutions team and we may be able to help. We can offer you the expertise you associate with MoneyPlus on a wide range of competitive deals, to help you save money.

Why should I remortgage?
  • To release some of the value in your home, which could be used for home improvements or paying off debts.
  • To reduce your monthly mortgage repayments, by spreading it out over a longer period. However this will mean that it takes you longer to repay and you may possibly pay more over the full mortgage term.
  • To reduce the mortgage term by finding a cheaper deal and keeping the same payments, means you could be mortgage free sooner.
  • Get yourself a more flexible deal, i.e. the ability to overpay so you can pay your mortgage off quicker.

We switch our groceries to get a better deal, we switch our energy suppliers to get a better deal, yet we stay with our mortgage providers no matter what, even though our mortgage is likely to be our biggest single expenditure.

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Money Advice Service

The Money Advice Service

To find out more about managing your debt and receiving free debt advice visit moneyadviceservice.org.uk or read the article Options for Paying off your Debt.

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