Abacus Daily Debt News

Are you getting the best mortgage deal?

Money saving expert Martin Lewis lists this has his No.1 money saving tip.

If you have completed the introductory period of your mortgage, you should investigate which deals are currently available. Your first port of call is to phone your currently lender and say:- “I’m considering switching mortgage, and would like to give you the opportunity to offer me a better deal before I look elsewhere”.

I’ve tested this with my own mortgage lender as my deal expires in 4 months. They were happy to extend the discount for a further 2 years. If I had not asked , they would have raised my repayments by £170 per month. I saved myself £4000 over the next 2 years by simpley making one phone call.