Saving Mortgage Money in the Credit Crunch

Tips that will save you money

You should first take a close look at your living expenses... debts, loans, phone bills, mortgages... Then shop around to find the best deals in the marketplace for each of these cost centres.

Mortgage Review

You are unlikely to make a more expensive purchase than your home, so you need to find the best deal for your repayments. If your mortgage is being repaid at the full standard variable rate you will almost certainly be able to find a more competitive rate. The base rate is falling nearly every month so you should be able to pick up an excellent deal. Do not feel that you are tied to your own building society or bank, but check that you will not incur financial penalties if you swap mortgage providers.

Take a Look at your Bank Account

Is your current bank account right for you? A survey has revealed that 52% of current account holders are missing out on an extra 3 per cent interest on their savings and are paying 12% too much on their overdraft

Having an overdraft does not prevent you from changing banks In fact on transferring your account some banks will offer a lower, perhaps even zero, interest rate on your overdraft for a specific length of time. There is no better place to look for good deals than on the internet...especially on comparison sites.

Save on Fuel Costs

You can save money and help to protect our planet's environment by choosing the right energy services for your home and using them wisely. Electricity is generated using gas, coal or oil, which releases carbon dioxide into the air, thus increasing the adverse effects of global warming. If everyone insulated their homes, thereby reducing the energy we use, we would help the environment and save money.

Grants to Save Energy

Local authorities offer a wide range of grants to assist you with draught proofing, hot water tank insulation, loft insulation, cavity wall insulation.....Every authority has different criteria, which have to be met before they will award a grant, but it is well worthwhile enquiring to see if you are eligible.

Electricity and Gas Providers

Few markets are more competitive than domestic energy supply, so you should be able to pick up a good deal by shopping around. Make sure your new supplier offers a good service before signing up. In a continually changing marketplace, on line comparison sites are a good way of finding the best offer at that particular time. Many people can save 150 a year by changing suppliers and you can often get additional discounts by paying through a direct debit agreement.

Installing Double Glazing

There is no better way of saving energy than through double glazing your home. To have double glazing installed by a professional company is expensive, but there are a range of inexpensive DIY kits available. These kits will not be as efficient as purpose made double glazed windows, but they will reduce draughts and save you money for just a few hours work.

Installing Insulation

Insulating your home can save you up to a third on your heating bills. Research has shown that 20 per cent of heat loss is through your walls, roof and ceilings. Roof insulation must be at least 150mm thick to be effective. Heat loss can be reduced by two thirds by installing wall insulation. Your hot water heating bill will fall substantially by fitting an insulating jacket.

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