- Make sure you receive independent mortgage advice from a broker so you can be sure you have found the cheapest deal on the market and decided upon the most appropriate mortgage for your circumstances
- Think about securing a product up to 6 months in advance – you don’t always have to proceed if you find something cheaper nearer the time
- Consider tracker or variable rates instead of fixed – an average £100000 mortgage over 25 years would cost £143 a month less on a variable rate compared to the cheapest 2 year fixed products
- Think about increasing the term to bring payments down
- Reduce your balance with any savings you have, or where you don’t want to tie them up completely, consider an offset mortgage so your savings “offset” against the mortgage and you’ll pay interest on a lower balance
- If you have high cost debts like credit cards or long term loans, consider consolidating them into the mortgage where cost effective to do so to bring your overall outgoings down
- If you have multiple mortgages on different properties, consider if the debts are balanced sufficiently to ensure you are paying the lowest amount of interest on your mortgages based on the loan to values
- Allow for part of the mortgage to be placed on interest only if you have other means to repay the capital or overpayments when you can afford to do so
- Consider a full interest only mortgage if a repayment mortgage is simply not affordable
- If you are over 55 more specialised retirement mortgage or equity release may be attractive and reduced your monthly payment on a mortgage compared to a standard mortgage
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