Freedom Mortgages has developed an easy-to-use calculator to help homeowners find out how much they could save each month by remortgaging their home.
Andrew Fisher, managing director at Freedom Mortgages, said: “A mortgage payment is very often our single largest monthly expenditure so reducing this cost can be a significant money saver.
“Remortgaging and reducing monthly outgoings has allowed our customers to use this cash for other, more exciting things -from saving for the future, to buying a new car, home improvements or even starting their own business.”
Today is Mortgage Freedom Day, when new borrowers will have earned enough to pay off the annual cost of their mortgage.
Based on the average annual mortgage repayment cost of £7,968 and the average net annual income of £26,810, Halifax has calculated that today homeowners will have earned enough on average to cover their mortgage payments for the rest of 2017.
“Although typically Mortgage Freedom Day was all about average savings, we believe there is no such thing as average when it comes to our customers. Therefore, we built this calculator as a quick and easy way to help everyone work out how much they could save based on their own specific circumstances,” said Fisher.
You can find the calculator here.
What Mortgage has teamed up with London & Country to offer you expert advice on the right mortgage deal.
Whether you’re buying a new home, remortgaging to a new deal or buying an investment property, L&C can help – and you’ll pay no fee for their advice. To find out more, click here.
