4 ways to save thousands on your mortgage

Gem 1: Haggling is an option.

Most people don't think of negotiating a better deal when it comes to mortgage fees and interest

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rates. For some reason we tend to believe they are carved in stone. Like any business after a profit, the banks are willing to negotiate. They would prefer to have your business at a reduced profit then see you go to one of there competitors. A little profit is better then none at all.

A smart borrower will use this to their advantage. Simply ask for a discount on your interest rate or loan fees. Even the tiniest reduction can make a big difference in the long run.

Gem 2: The biggest saving is in the interest rate.

A lot of people get sidetracked by all the extra options available when picking a home loan. Some extras do provide clever ways to pay your loan off faster and ( life insurance ) save a lot of money. However, by far, the most important feature of a home loan is the interest rate. Having a lower interest rate can mean huge savings over the life of the loan.

For example: Someone borrowing £212,000 at 7.32% for a 25 year term will pay back £462,536 over the life of the loan.

Now imagine the same loan ( remortgages ) except this time at an interest rate of 6.70%. The total amount paid back by the end of the loan is £436,963.

That's a saving of £25,573, a substantial and rewarding difference for securing a lower interest rate.

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