How to save £2000 in just 10 days

If you have a mortgage, chances are you can save £1000 or more a year by changing your lender. Suppose you have an average £75,000 mortgage on a typical interest rate of 5.95%. You can re-mortgage and find a discount deal that offers at least 2% off that for two years or more. That will save you £125 every month! Some lenders will even pay the fees for a lawyer and a surveyor. It can be worth going for a slightly higher interest rate if you can save £300 on the legal fees. Check there are no penalties for giving up your current mortgage. Safest is to get advice from a mortgage broker – some of them will charge a fee too. Look for the best deals with www.moneyfacts.co.uk or even buy online at www.marketplace.co.uk

Most of us pay too much to insure our car, our home and our possessions. You can cut the cost by shopping on the internet. Surfing for the cheapest deals can easily save you a third off the cost. And if you to pay the first part of the cost of any claim you make that saves money too. If it’s a car, keep down the cost by keeping it off the street at night and only insure yourself to drive it. When looking for the cheapest deal make sure that you compare like with like – some policies do not offer full cover abroad or provide you with a car if yours is off the road after an accident. Try www.theaa.com and click on insurance.

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March 2003

e-mail Paul Lewis on paul@paullewis.co.uk