Bradford & Bingley is encouraging homeowners to offset the cost of mortgage payments by remortgaging into a more competitive deal.
The mortgage provider has said homeowners who make the effort to switch to an offset mortgage could save around £150 a month – which adds up to £1,800 a year.
Duncan Pownall, mortgage development manager for Bradford & Bingley, said: "Moving from your lender's standard variable rate onto a competitive deal is advisable at any time, provided any early repayment charges do not make it uneconomic to do so.
"However, around Christmas time, with all the associated expenses, it makes perfect sense. That way you really can have a happy New Year without the usual financial headache."
Bradford & Bingley has recently launched a new range of mortgage deals –all of which offers cashback.
The mortgage provider says switching to an offset mortgage could more than pay for any festive overspending.To read more about Mortgage News, click here.
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