Remortgage comparison could be the answer if you have savings or debts.
If you have a mortgage and savings or debts, a remortgage comparison could show you a way to improve your financial situation.
You may be able to use your savings to reduce the cost of your mortgage. If you have debts you could avoid interest on high cost loans by releasing equity in your home.
Recently published Bank of England figures suggest that if you have savings, the average rate of interest you could earn on your money maybe around 0.21%. According to recent statistics this is the lowest rate on record.
So if you have savings how do you make your money work harder for you?
By changing to an offset mortgage you could pay less interest on a monthly basis because the total interest charged would be offset against any savings you have.
If you compare mortgage and savings rates, you would effectively get a higher rate of return on your savings. Reduced interest payments could also allow you to pay off some of your mortgage and further reduce your borrowing costs in the long term.
If you have equity in your home but have other debts, a remortgage comparison with loan interest rates may show that you could dramatically reduce your monthly payments. The annual percentage rate (APR) is reported to be at an average of 17.3% and overdrafts at an average of 19.5%.
If you would like a remortgage comparison to see if you can save money, call Deal Direct. Our professional advisers can help you assess your options. We are here to advise and source mortgage products from the wide mortgage market to get you the best deal available.
