3 Jul

Money-saving mortgages 'reduce the cost of running a home'

Money-saving mortgages 'reduce the cost of running a home'

It has been suggested that people are saving money on their mortgages, something which is helping to bring down the costs of running a home.

Compared to this time last year, homeowners on tracker mortgages are saving hundreds of pounds every month, Moneyfacts states.

This means that even though the cost of utility bills is going up, some customers have not been hit as hard because they are reducing other aspects of their spending.

Michelle Slade, a spokesperson for Moneyfacts, says: "In recent months we have also seen some providers cutting the cost of electricity which customers are starting to feel the benefit of."

Because of these savings, she believes that customers are overpaying their mortgage or investing the money so they benefit in the long term.

Last week, Moneyfacts reported that the average two-year fixed-rate mortgage deal increased by 0.16 per cent in the previous week to 4.90 per cent.

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