A study by New Skys revealed that by taking out a new mortgage on their home, it would take homeowners just two years to generate enough money to put down a deposit on a holiday home.
The website calculated that homeowners could save themselves £3,700 over two years by finding the best mortgage rate deals.
This would be more than enough to make a down payment on a holiday home in an emerging investment market such as Egypt or Morocco.
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Jonathan Burridge, managing director of Quantum Mortgage Brokers, said: “Remortgaging for a better rate or to raise cost effective capital, is no longer a long and painful experience.
“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.”
The New Skys research found that for homeowners with a 6.75 per cent variable rate mortgage on a £107,000 loan, it would cost £607 a month in repayments, based on it being an interest-only mortgage.
However, property owners could pay just £451 a month by switching the loan to a fixed-rate or tracker mortgage deal at an interest rate of 4.99 per cent a month.
Over two years, this amounts to £3,744 in savings.
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