Research from Barclays has shown that despite homeowners currently trying to reduce their monthly outgoings 58% of homeowners have never changed their mortgage outside of moving house.
74% of those asked have said they would consider moving their mortgage if they could save up to £50 per month, but most believe changing their mortgage would only have a saving of up to £10 per month.
Homeowners obviously need to wake up to realise how much they can actually save by swapping their mortgage, and that these reduced mortgage payments can add up over the years of living in the home.
Barclays’ data shows its range of fixed and tracker rate products could save homeowners £346m over the next two years alone.
Barclays Head of Mortgages Andy Gray said:
“The fact that around six in 10 homeowners have never changed their mortgage outside of moving house, suggests that they simply don’t realise the levels of savings to be had by remortgaging.
As monthly outgoings rise, and Brits fight to cut their costs, it’s important that they consider addressing their mortgage.
Nearly half of those surveyed (44%) say they spend more time on cost-cutting over the past 12 months — with three quarters of homeowners (76%) spending up to three hours a month on reducing their monthly costs which demonstrates that every £1 is important. Barclays is encouraging people to make their time, as well as their money, work hardest to ensure they prioritise which costs could achieve the greatest savings.”
“The fact that the majority of people would remortgage to save £50 a month demonstrates that homeowners consider these potential savings to be worthwhile.”
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.”
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