Remortgaging 'simpler than expected'

Changing mortgages is one of best ways to save money, Moneywise has suggested, adding that remortgaging is often a lot simpler than people expect.

The personal finance magazine has said that borrowers paying a standard variable rate should look to switch as soon as they could in order to take advantage of other discounted deals.

While Britons are currently somewhat confused about the state of the market, the fact that there have been five interest rate rises since last August mean that many offers are now quite different from their equivalents a year ago, Moneywise added.

"If you are paying your lender's standard variable rate, you could be paying as much as two per cent more than you need to," commented Rachel Williams, Moneywise editor.

"Depending on the size of your mortgage, you could easily save £100 by switching to a better deal. It is one of the easiest ways to save money."

"[Remortgaging] is a lot simpler than people expect. It's nowhere near as stressful as buying a house in the first place," Ms Williams added.


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