Remortgaging could help ease post-Christmas bills

Published: 27/12/2011

After all the fun and frolics of the festive period, January is a time for detox. Detox of body and mind and also of our finances which is why the New Year could be a great time to remortgage.

The first post of the New Year always seems to be accompanied by a heavy thud as the weight of credit card bills and store cards drop onto the mat. However, many households could ease their post-Christmas financial blues by remortgaging.

According to a recent study by Barclays, the average homeowner could save up to £1200 a year by remortgaging. Many homeowners are unaware of the financial benefit of remortgaging; often dismissing the idea as more hassle than it’s worth. In its survey, Barclays discovered many homeowners believed remortgaging would only save them around £10 a month and therefore haven’t considered it as a viable money saving option.

Andy Gray is the Head of Mortgages at Barclays:

“The fact that around six in 10 homeowners have never changed their mortgage outside of moving house suggests that they simply don’t realise the levels of savings to be had by remortgaging.

“As monthly outgoings rise, and Britons fight to cut their costs, it’s important that they consider addressing their mortgage.

“There are an increasing number of good mortgage deals to be had so we are urging homeowners to act now and look at the rate they are paying, to allow them to get more out of their hard-earned cash.”¹

¹Mortgage Strategy (Nov 2011)

Content correct at time of publication

Show All Articles