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Could You Get a Better Deal Switching Your Mortgage?

A couple looking at their house.

If you are a UK homeowner, it is likely that you have had the same mortgage deal for a certain amount of time with one mortgage lender. Many just get on with repaying their monthly amount, without realising that there may be better deals available to them.

In the past homeowners benefitted by better mortgage deals by having good relationships with their banks and access to independent financial advisors, however nowadays the easy route that is available to all homeowners is to compare mortgage deals online. Some homeowners can save up to £250 a month by switching their mortgage, this is good news for those homeowners that need to cut back on monthly outgoings in order to save money or repay important debts.

In some cases, current mortgage lenders are willing to match new mortgage quotes in order to retain homeowner custom, therefore it is worth checking that you are getting the best deal available to you.

If you are struggling with your current mortgage repayment and are not in the position to negotiate a new mortgage deal through lack of income, you may want to consider a Debt Management Plan to ensure that your priority mortgage debt is paid and a plan set in place to ensure your other non priority debts (credit cards, unsecured loans etc) are paid off.

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