Would you like to save money on your mortgage? Over 50% of homebuyers are wasting money by paying over the odds for their mortgage every month. This is normally due to the fact that theyre paying their lenders standard variable mortgage rate.
These standard variable rates are frequently 2 percentage points higher than lots of the best market deals, so the simplest way of saving money is to switch deals. If someone has a 100,000 loan and switches from a standard variable rate, there will be a saving of around 1000 per year for each one percentage point in the interest rate. As the difference is often 2%, this would save 2000 every year.
Contrary to common belief, remortgaging is relatively easy and hassle-free. More and more lenders are specializing in re-mortgage packages and frequently offer fee-free deals with legal fees thrown in. The whole thing is normally completed in around six weeks.
Re-mortgaging is not simply to do with the money saving side of things; you can also make use of some of the equity which has been built in the value of your property. Borrowing via your mortgage is much cheaper than doing so through a personal loan.
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