Reducing Household Costs

With the credit crunch in full swing, what can we do to reduce one of the biggest bills of all - that of being a homeowner?

Well, some fixed rate mortgage rates have dropped recently meaning there are some more attractive deals out there at the time of writing than for a few months, so this is something to look into. We all know how much money can be saved over the term of a mortgage with just a modest percentage reduction in the rates.

Therefore the key tip is to look around and see how competitive your deal still is (assuming you're not still tied in to a particular deal with a particular provider). It does no harm to shop around and see if there is a better rate out there so feel free to go into branches or call around and see what offers there are for your particular situation with regard your mortgage.

For those who are really struggling for cash, it may even be worth considering switching to an interest only mortgage for a temporary basis (as short a time as possible), again this is something to discuss with your partner and financial adviser as applicable.


Articles: Survive the Credit Crunch