Compare remortgage rates and save money, don't just accept your current mortgage deal.
Many home-owners could save themselves money if they were to compare remortgage rates and switch deals. According to Barclays, most home-owners have never remortgaged outside of moving home. This means that many house-holds are missing out on the savings that could be made by switching to a great remortgage deal.
Rising food, energy and petrol bills have left many households looking to save money either through trying to reduce spending or by cutting back on purchases. Yet, many have failed to consider cutting their biggest monthly outgoing of all, namely the mortgage. Homeowners who compare remortgage rates and switch to a better deal could save an average of £1,200 a year,
Andy Gray, head of mortgages at Barclays, said: "There are an increasing number of good mortgage deals to be had, so we are urging home owners to act now and look at the rate they are paying to allow them to get more out of their hard-earned cash."
According to a new survey from Barclays around 60 per cent of home-owners advised they have never considered remortgaging as most believe it would save them only around £10 a month, which they feel is just not worth the hassle. However, the majority of borrowers live in their homes for an average of 16 years. This means home-owners are potentially missing out on the years of decreased mortgage payments which could be achieved if they were to compare remortgage rates and switch deals. Over the next two years Barclays' data shows that UK home owners could save as much as
