Homeowners in the UK who choose to remortgage could find they save enough money within just two years to be able to afford a deposit on a holiday property.
So finds research carried out by New Skys, which calculated that people who take action and remortgage could save up to £3,700 on their repayments.
The study was conducted on the basis of a mortgage with a variable rate of 6.75 per cent on a loan of £107,000 being moved to a fixed of tracker mortgage at a rate of 4.99 per cent or less.
While remortgaging has in the past been viewed as a long and complicated process, experts point out that the industry has progressed and arranging a new rate can be a simple process.
Managing director of Quantum Mortgage Brokers Jonathan Burridge said: "With the technological advances in the mortgage industry in the last few years it is now possible to have your new mortgage offer, be it on standard terms, self-certification or buy-to-let, agreed almost instantaneously."To read more about mortgages, click here.
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