3
Jul
Money-saving mortgages 'reduce the cost of running a home'
It has been suggested that people are saving money on their
mortgages, something which is helping to bring down the costs of
running a home.
Compared to this time last year, homeowners on tracker mortgages
are saving hundreds of pounds every month, Moneyfacts states.
This means that even though the cost of utility bills is going up,
some customers have not been hit as hard because they are reducing
other aspects of their spending.
Michelle Slade, a spokesperson for Moneyfacts, says: "In recent
months we have also seen some providers cutting the cost of
electricity which customers are starting to feel the benefit
of."
Because of these savings, she believes that customers are
overpaying their mortgage or investing the money so they benefit in
the long term.
Last week, Moneyfacts reported that the average two-year fixed-rate
mortgage deal increased by 0.16 per cent in the previous week to
4.90 per cent.
