Mortgages are one of those things we don’t really talk about in absolute terms, it’s something that simply exists in the monthly payment amount, not really the full whack that we owe. So, if you were asked the question – ‘how much have you got left to pay on your mortgage’ chances are, you’d stare blankly into space. However – not to worry, because many people are with you, and haven’t a clue either.

A recent survey has discovered that around 40% of us with mortgages, genuinely have no idea how much we have left to pay; and if we’re honest, it’s not that surprising. Mortgages feel like complicated things in general, made even more so with terms that can often be confusing – offset mortgages; short term fixed rate; interest only – it’s a whole other language. Not only that, the interest you pay can vary depending on the type of mortgage you have which throws all sorts of numerical spanners in the works. And if you’re not sure how much you have left to pay, you may also not be aware of whether you’re getting the best deal or not.

Around a third (33%) of home owners are on their mortgage lender’s ‘standard variable rate’ (SVR) which is currently an average of 4.9% (January 2017). But with the current backdrop of low interest rates, now is the perfect opportunity to consider remortgaging if your fixed term has come to an end – otherwise you could be letting thousands slip through your fingers – and who can afford that?

Paying just 1% less on your mortgage interest could save you thousands in the long term – money that could be better put towards your pension or children’s university or college fund. For example – if you had a mortgage of £250,000 spread over 20 years, reducing your interest rate by 1% from 4% to 3%, could save you £30,000 over your mortgage term (that’s more than £1,500 every year). 

We know for lots of people, thinking about mortgages is stressful and even the thought of remortgaging seems like being a glutton for punishment. Household finances are a chore and chores are hard work. But at, you know we like the straightforward things in life, so read what we’ve got to say on remortgages to find out a few essential things – it could be the start of saving some serious cash.

But if getting onto the property ladder is an issue in the first place and you haven’t a clue where to start or what to do, then take some time to find out about first time buyer mortgages, how you can save for one and how you can maximise approval We don’t believe that taking out a mortgage should be complicated, so stick with us and we’ll help you

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