Save money by reviewing YOUR MORTGAGE

Editor of TheMoneyEdit.com Kalpana Fitzpatrick shares her expert tips on how to slash your costs if you have a mortgage

- Kalpana Fitzpatrick

While we might all have been doing some kind of spring cleaning recently, doing the same with your finances could give your bank balance a boost. For homeowners, this includes reviewing your mortgage. As this is likely to be your biggest monthly expense, by reviewing it, you could save hundreds of pounds per year.

Remortgage

Last November saw a flurry of homeowners remortgaging in a bid to lock in new fixed-rate deals, just before the Bank of England pushed up interest rates. Rates have crept up again since, but that does not mean it’s too late for you to remortgage and save money on your mortgage costs. Interest rates are still relatively low and you could still move to a better deal, especially if you are on your lender’s standard variable rate. According to experts, you could cut as much a £5,000 off your mortgage with a new deal.*