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Moneywise: Switching mortgages can save money

04 October 2007
Switching to another mortgage provider is one of the "easiest" ways of saving money, according to an expert.

Rachel Williams, editor of Moneywise, said that people could potentially save £100 by switching from their current lender to find a better deal.

Borrowers paying their lender's standard variable rate could be "throwing money down the drain", with some likely to be paying as much as two per cent more than they need to, Ms Williams claimed.

"On a £100,000 loan you could probably save a couple of hundred pounds a month, depending on the current rate you're paying," she said.

The British Bankers' Association (BBA) recently reported that the number of remortgaging approvals increased by four per cent in August 2007, compared with the corresponding month in 2006.

Additionally, the BBA found that the value of remortgaging approvals increased by 11 per cent in August.

Find out more about flexible remortgages

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