58% of Britons lose out on savings by never re-mortgaging
Monday, 07 November 2011 11:35
Although many British families are attempting to cut back on their spending in the current economic climate, a significant proportion could be missing out by failing to consider their mortgage.
This is the suggestion of new figures released by Barclays, which showed that 92 per cent of homeowners are attempting to reduce their outgoings using methods including discount vouchers, with three-quarters spending up to three hours a month figuring out new ways of making savings.
However, 58 per cent admitted they had never remortgaged their property outside of moving home, even though this could save Britons a collective £346 million over the next two years.
Head of mortgages at Barclays Andy Gray said he believes people simply do not realise how much they could save by looking at different deals, as 74 per cent of the survey's respondents reported they would consider remortgaging if it meant they had an extra £50 a month to spend.
"There are an increasing number of good mortgage deals to be had, so we are urging homeowners to act now and look at the rate they are paying, to allow them to get more out of their hard earned cash," he added.
Remortgaging to cut outgoings could be high on the agenda for many UK families following this advice, after figures produced by the Daily Mail last month showed that the average household had £5,736 less to spend in September 2011 than was the case in the previous three months.
This was due to rising energy and food bills and decreasing pension pots.
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