Home Finance Four mortgage steps you can follow to help lower your monthly repayments

Four mortgage steps you can follow to help lower your monthly repayments


Many prospective and current homeowners may not be feeling very optimistic or hopeful when looking for a new home due to the pressure on people struggling to keep up with their rent or mortgage payments.

New research carried out by the Office for National Statistics (ONS) has revealed that 40 percent of people are struggling to keep up with their rent or mortgage payments.

With this recent news along with predictions that interest rates won’t be cut until later this year, many prospective and current homeowners may not be feeling very optimistic or hopeful when looking for a new home.

However, prospective buyers can save hundreds of pounds every month on their mortgage payments using the tips outlined below.

Jo Winston, a property expert who looks after sales at St. Modwen Homes, has revealed how provided tips and tricks to cut costs and make moving house more affordable.

Shop around for your solicitor

Solicitors are a crucial part of the process, but they can also be one of the costliest aspects of moving house. It’s important to shop around before choosing your solicitor to make sure you get the best deal.

Don’t worry if you don’t have hours of time to spend scrolling through Google – there are handy comparison websites that you can visit to make the research easier. Sites such as Compare My Move allow you to compare trusted solicitors, and help you save up to 70 percent on conveyancing costs.

Time your move just right

Using your own vehicle or hiring a van for the day could save you up to £120 an hour.

However, if you’d rather opt for professionals to help you move, it’s worth timing your move during quieter, off-peak times to reduce costs. Monday to Thursday are the cheapest days of the week to move and the seasonal off-peak time is September through to April.

Therefore, if you can plan your move on a weekday in the off-peak period, you could get a bargain deal on professional movers. Plus, don’t be afraid to get quotes from many different companies so you can get the best price.

Use the brand-new Own New Rate Reducer

When looking to move house, it’s important to do your research first. There’s a whole range of schemes available to help reduce costs and they aren’t all just for first-time buyers.

With the brand-new ‘Own New – Rate Reducer’ scheme, available via St. Modwen Homes, buyers can secure up to 3 percent lower interest rates on mortgages. This new initiative gives purchasers who are looking to secure a new build home access to mortgages with significantly reduced interest rates, meaning they can save hundreds of pounds per month on their mortgage payments.

Declutter your home

Moving house is the perfect opportunity to take some time and go through your belongings to decide what you can live without.

Donating or selling any toys, clothes, ornaments and anything you don’t really need or use anymore will cut down the amount of packing you need to do. Plus, using selling sites such as eBay, Depop or Vinted is a great way to make some extra pennies.

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