Possible Remortgage Savings

89% of homeowners haven’t considered a Remortgage yet, an option that could save them on average of over £2,000 in 2021, which is the equivalent of £169.00 per month by remortgaging to a fixed-rate product at today’s rates, according to Doncaster and Sheffield Mortgage Advisor, Stephen Kerrigan.

Some research that was conducted said that 84% of homeowners’ mortgages is their biggest monthly outgoing, yet 29% aren’t aware of how much they pay in interest each month. While some people are put off by remortgaging, another 51% were saying they are happy with their current rate. However, just 16% of those people think there are unnecessary fees involved with remortgaging, and that they cannot Remortgage because of the early repayment charge.

How to reduce the spending?

Many homeowners say they are always looking other alternatives to help reduce the spending in order to get their finances into shape for the next coming year. However, with TSB’s research, it was identified that when cutting down on spending respondents, some will look at cutting down on the takeaways, changing the energy provider, and avoiding the caramel latte from your favourite coffee shop – although, just 11% of people say they have thought about remortgaging their home.

Stephen Kerrigan, owner and Mortgage Advisor of MortgagesRM, said:

Your mortgage is typically the biggest investment you will ever make, yet it’s not always the first place where homeowners will look when reviewing their finances.

Remortgaging Might Not be for Everyone right now

In today’s climate, with the ongoing pandemic and national lockdown in England currently happening, remortgaging might not be right for everyone. However, it is important to take a look at your options, know the amount of interest that you’re paying, and by speaking to your bank or mortgage advisor in Doncaster or Sheffield, you could end up saving some money.