3 Oct

Remortgaging is 'an easy way to save money'

Remortgaging is 'an easy way to save money'

Moving your mortgage to a different provider or deal remains "one of the easiest ways to save money", it has been claimed.

According to Rachel Williams, editor of Moneywise magazine, mortgage owners currently paying the standard variable rate should be shopping around for the best deal - irrespective of the current economic climate.

She said: "If you are paying your lender's standard variable rate, you could be paying as much as two per cent more than you need to. Depending on the size of your mortgage, you could easily save £100 by switching to a better deal.

"On a £100,000 loan you could probably save a couple of hundred pounds a month, depending on the current rate you're paying."

"We're hearing a lot at the moment about mortgage rates going up - but the fact remains that if you're paying your lender's standard variable rate, you should be able to save money."

Ms Williams' comments come as figures from the British Bankers Association showed that the number of remortgaging approvals in August was up four per cent year on year and that their value had risen by 11 per cent.
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