Remortgaging ‘an opportunity to save money’
Anyone hoping to improve their financial situation should start by looking at their mortgage, a personal finance expert has advised.
The mortgage is many people's biggest financial commitment and they should regard remortgaging as a chance to save money, explained Abbey's Nici Audhlam-Gardiner.
She continued: "They really should be spending the time to understand when it's coming up for renewal and then making sure that they're on the best rates that they can be."
Another sensible step borrowers can take to ease the strain on their finances is to identify a credit card deal that will allow them to spend less money on interest repayments, added Ms Audhlam-Gardiner, while some people may benefit from switching home insurance or current account providers.
The average adult in the UK currently spends 35 per cent of their monthly take home pay on mortgage repayments and a further 18 per cent on servicing other debts, according to figures compiled by the money education charity Credit Action.
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