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Top 5 tips on saving money on your mortgage interest
7th May 2008

Most of us are well aware of how costly a mortgage loan can be in terms of the interest that you have to pay, and it can really pay off to try and take steps to reduce the amount that you have to pay in interest on your mortgage loan. There are a number of things that you can do that may help to reduce the amount of interest that you pay on your mortgage, and you will find 5 top tips on saving on your mortgage interest below.

1. Put down as much as possible by way of a deposit. Many lenders are demanding a higher deposit these days because of the global credit crunch, but even if you do find a lender that accepts a smaller deposit you will still be able to benefit from putting down as large a deposit as possible. This is because the smaller the loan the less interest you will have to pay over the term, so a greater deposit really can pay off.

2. Overpay on your repayments wherever possible. By making overpayments on your monthly mortgage repayments whenever you are able to do so you could help to reduce the term of the mortgage significantly, and you could save a small fortune on the amount of interest that you pay.

3. Opt for a shorter repayment period. The longer the term of your mortgage the more you will pay in interest if you stick to that term. If you opt for a shorter term you could save yourself a significant amount in interest compared to what you would pay over a longer term.

4. Compare interest rates on mortgages. The interest rates charged on mortgages can vary significantly from one lender and mortgage product to another, so make sure that you browse and compare different products to find the most competitive rates of interest.

5. Avoid adding arrangement fees to your mortgage. Arrangement fees on mortgages have gone up over the past year, and most mortgage lenders will allow you to add this fee to the mortgage loan. However, if you do this you will be charged a fortune in interest on the arrangement fee as well as the mortgage loan. Therefore, wherever possible try and pay this fee upfront.

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+April 2008

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Consolidate your debts and your worries - 17th April 2008
Top 5 ways to avoid the mortgage crisis - 16th April 2008
Are unsecured loans a good option? - 15th April 2008
Are you looking for an affordable loan? - 14th April 2008
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The effects of the credit crunch - 10th April 2008
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Adverse loans – are they difficult to get? - 8th April 2008
Consolidation loans – review your finances regularly - 7th April 2008
Bad credit loans – do you have bad credit? - 4th April 2008
Consolidation loan – opportunity to sort out and repay your debts - 3rd April 2008
Top 5 reasons to use a mortgage broker - 2nd April 2008
Homeowner loan – let your equity help finance your future - 1st April 2008

+March 2008

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+February 2008

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Unsecured loans – give yourself peace of mind - 20th February 2008
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Consolidation loan – make your life easier - 15th February 2008
Secured loans – using your asset as security - 14th February 2008
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Consolidation loans – the top 5 benefits - 5th February 2008
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+December 2007

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Home improvement loans – pros and cons - 5th December 2007
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+November 2007

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