Savings to be made on mortgages

04-Feb-2008

Homeowners could save up to £547 a year by switching to the best deal on the market for mortgages and other financial products, research has found.

Consumers should look to make savings on mortgages and other expenses amid increasing financial pressure from rising bills, commented Sean Gardner, chief executive of MoneyExpert.com.

The £547 saving was attributed to the average consumer switching the best policy currently on the market for home insurance, motor insurance, mortgages, personal loans and credit cards.

Homeowners could save £76 a year on their mortgage and personal loan borrowers could enjoy an extra £204 per annum, the money advice firm found.

Reviewing basic financial products could help Britons enjoy a major boost on their household budgets, Mr Gardner said.

"Not everyone will save that much but four out of five of us are overpaying for at least one of the financial basics. Typically, UK consumers are paying out £150 per year more than they need to," he added.

Mortgage borrowers who received a pay increase in line with inflation last month could reduce their repayment period from 25 years to 22 years if they contribute an extra £50 a month to their policy, Jon Charcol's Katie Tucker noted.

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