19 Jan 2021
Almost 90% of homeowners haven't thought about remortgaging, despite big savings to be made.
Britons could be more than £2,000 better off this year by switching to a fixed-rate product at today's rates, according to new research.
This is an average monthly saving of £169 by moving from a standard variable rate, but 89% of property owners haven't considered this as an option.
The study found that, for 84% of people, their mortgage is their biggest monthly outgoing - yet 29% aren't aware of how much they pay in interest each month.
The research, conducted by TSB, also discovered:
Remortgaging doesn't have to be daunting - at Aberdein Considine we have a team of experienced independent mortgage advisers who can search the entire mortgage market to find the best deal for you.
They will be able to advise if you can save money and whether to make the switch or not. If you do, they will take care of all the paperwork.
As households across the UK continue to experience financial uncertainty as a result of the pandemic, this January 70% of homeowners say they are looking for ways to reduce spending to get their finances into shape.
However the research identified that when cutting down on spending many people will look at things like cutting down on takeaways (60%), changing energy provider (33%), and stopping takeaway coffee (29%) - yet just 11% have thought about remortgaging. But, according to the research, Britons are underestimating how much they could save by switching.
Greig Brown, Mortgage Operations Director at Aberdein Considine, said: "Remortgaging might not be right for everyone, but you need all the facts at your disposal to make that decision!
"It's important to take a look at your options and now the amount of interest you're paying. Speaking to a mortgage adviser could save you a lot of money."
If you would like to speak to one of our mortgage advisers, or ask any further questions about or mortgage services, click here.