At a time when every penny counts, consumer champion Martin Lewis has issued a guide that could save people hundreds of pounds each month. Taking to the established Money Saving Expert website, which Martin founded, he updated followers on the latest cost of living news with everything from the mini budget to travel money but went further with his latest tips.
We are getting used to the financial guru keeping his many followers up-to-date with the latest money saving news as the cost of living crisis worsens. Earlier this week, Mr Lewis shared a guide to remortgaging homes. “Get it right”, he said, “and you could save £100s a month.”
Using the website to get his message across he explained that while remortgaging is not for everyone it could be a way to save some ‘serious money’ reported Liverpool Echo. Sixty-two pages in length, it is worth a comprehensive read of the guide before making any decisions.
However, for those who want a quick overview, Mr Lewis said: “ If your mortgage is your single biggest expenditure, cutting its cost is likely to be your biggest single MoneySaver.” He went on: “The biggest reason is to save yourself some serious money, but it’s not the only one. And remember, it’s not about the best deal out there – it’s about the best deal for you.”
Some of the reasons you may want to remortgage include saving money, “especially if you’re on your lender’s standard variable rate”. It could also be an option if your mortgage doesn’t fit you any more, or you want to borrow more but your current lender won’t let you.
Remortgaging may not be for you, the guide says, if you’re already on a great deal, or if remortgaging means paying expensive early repayment charges. Other reasons are listed in the guide – which you can read in full here.