Broke in Bristol

Featured Review

You could save £4,500 a year by re-mortgaging

Ms Broke in Bristol with the keys to a front door
MS Broke in Bristol saved £816 last time she re-mortgaged

It’s been a tough few months for my finances what with the Coronavirus pandemic forcing the UK (and most of the world) into lockdown and my campervan deciding that it was the perfect time for a new gearbox and clutch!

But when the going gets tough, I like to get going and sit down with a cup of tea and do a direct debit detox! Not only have I cancelled the odd subscription, but I’ve also double checked that I’m not paying too much on the essentials like car and home insurance and I switched my bank account for a £100 sweetener. If you’re savvy you’ve probably already done the same, but how often do you check that you’re not paying too much on your mortgage?

Considering It’s probably your biggest monthly expense, it should be the first thing you look at as it might save you thousands of pounds a year. Last time I re-mortgaged I saved £34 a month, which adds up to £816 over a two-year period.

You can use a remortgage calculator and I've heard of cases where people save thousands of pounds a month by talking to a local mortgage broker who will give you free advice – not just on securing a better rate but also consolidating other debts too.

Rich King, a local mortgage advisor based in Bristol told me how he’s recently saved a couple £1399 per month on their mortgage as he has access to the best remortgage deals. “It’s crazy how much people can save by looking for a better deal once their fixed term is up. This couple had unsecured debts as well and I was able to look at consolidating these. It costs nothing to do a free review and now is a really good time following the Bank of England interest rate cut from 0.25 to 0.1%.”

If you have taken out a fixed rate mortgage where you pay the same amount every month and the interest rate stays the same, once the initial term has ended you’ll fall into a Standard Variable Rate (SVR) where you could end up paying a higher interest rate than before. This is usually the time to consider re-mortgaging in order to get a better deal.

Other reasons you might consider re-mortgaging are if you want to move from interest only to repayment, if you would like to make overpayments and your current deal doesn’t allow it or if you want to borrow more money for home improvements.

Rich is offering free mortgage advice to everyone in the Bristol, Bath and surrounding areas, you can email him on or call 07736 031367 and don’t forget to mention Broke in Bristol – & beyond. Have a great week!