Householders Fail to Spot Savings in Remortgaging

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A recent study by mortgages and banking giant Barclays found that while 92 per cent of UK home-owners are busily trying to reduce their monthly outgoings, some 58 per cent admit that they’ve never considered remortgaging except when moving house. Researchers found that UK householders tended to remain at the same property for around 16 years and most never remortgage during that time despite the fact that remortgage deals could save Britons a total of £346 million by 2013. Although remortgaging rarely surfaces as an option, 76 per cent of the study’s 2,000 respondents admitted to spending up to three hours a month figuring out how to reduce outgoings and make that monthly budget go just a little bit further. Discount vouchers, energy-saving and cutting back on nights out were just some of the things that were considered. Barclays head of mortgages Andy Gray said that the problem appeared to be that British householders were not sufficiently aware of the savings that could be made through remortgaging. His bank’s survey found that 74 per cent of respondents would actually consider the move if they had an extra £50 a month to spend as a result. “There are an increasing number of good mortgage deals to be had, so we are urging homeowners to act now and look at the rate they are paying, to allow them to get more out of their hard earned cash,” Mr Gray insisted. “As monthly outgoings rise and Brits fight to cut their costs it’s important that they consider addressing their mortgage.