How to pay less on your mortgage and energy bills as winter approaches and cost of living soars - iNews

HOW TO PAY LESS ON YOUR MORTGAGE AND ENERGY BILLS AS WINTER APPROACHES AND COST OF LIVING SOARS – INEWS

From extending your mortgage term to getting a smart meter, here are our top tips.

Rising mortgage and energy costs may add hundreds of pounds to your monthly household bills in worst-case scenarios. Check out our guide below to saving money on mortgage and energy.

Saving on your mortgage

Extend your mortgage term

Extending the term of your mortgage will reduce your monthly payments. By opting to repay your mortgage over a longer timeframe, you will end up paying more in interest overall. But you could make overpayments once on a more secure financial footing to reduce the term.

The average term of a home loan is now 30 years, according to the trade organisation UK Finance. This is up from 25 years in 2005, when UK Finance first started recording the data.

Talk to your lender

If you need a bit of breathing space, talk to your lender about reducing your mortgage payments for a period of time. This is also known as a mortgage payment holiday. However, you may end up paying more over the longer term – and watch out for any fees charged by the lender to change your deal.