Majority of homeowners unaware of possible remortgage savings

Essex Home Finance
89% of people who own their own homes haven’t considered this as an option, yet they could save an average of over £2,000 this year.
The latest Finance and Property News2

89% of people who own their own homes haven’t considered this as an option, yet they could save an average of over £2,000 this year – the equivalent of £169 per month – by remortgaging to a fixed-rate product at today’s rates, according to new research from TSB.

The research found that for 84% of homeowners, their mortgage is their biggest monthly outgoing, yet 29% aren’t aware of how much they pay in interest each month.

Some homeowners are put off remortgaging, with 51% saying they are happy with their current rate. 16% think there are ‘unnecessary fees involved’ with remortgaging, 15% think they cannot remortgage because of early repayment charges.

Meanwhile, 25% of homeowners say they would find the task too stressful or daunting (12%).

70% of homeowners say they are looking for ways they can reduce spending in order to get their finances into shape for the coming year. However, TSB’s research identified that when cutting down on spending respondents will look at cutting down on takeaways (60%), changing energy provider (33%), and stopping takeaway coffee (29%) – yet just 11% say they have thought about remortgaging their home.

Nick Smith, head of mortgages at TSB, 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 right for everyone, but it’s important to take a look at your options, know the amount of interest you’re paying and speaking to your bank or mortgage adviser about any changes that could save you money.”

Original Article from Best Advice 07/01/2021

Get In touch

Leave this field blank
Mobile / Home Number
Please choose the closest match to your Mortgage Needs
  • Choose
  • First Time Buyer
  • Help To Buy
  • Homemover
  • Remortgage
  • Buy to Let
  • Equity Release
  • Insurance
  • Home Utilities
  • Nothing found
Essex Home Finance

(01245) 398466

Call Anytime

Address : 8 Kingsdale Business Centre, Regina Road, Chelsmford, Essex, CM1 1PE

Essex Home Finance Ltd is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

Registered address: 1 High Street, Chelmsford, Essex, CM1 1BE.

Registered in England & Wales under number 10607263.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We do not charge for Residential First Time Buyers, Residential Home Movers, Residential Remortgage, and all Product Transfers (Residential or Buy to Let).

There will be a fee for all Buy to Let Purchase and Buy to Let Remortgage cases. Typically our fee will be £149, payable on Offer. We will agree any fees with you before we proceed with your case.

There will be a fee for all Equity Release Mortgage cases. Typically our fee will be £695, payable on Offer. We will agree any fees with you before we proceed with your case.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. 

Our advice is covered under the Financial Ombudsman Service.  You may be able to submit a claim through the  EU Online Dispute Resolution Platform If you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.