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Overspending on your mortgage? Tell Habito what you'd spend the money saved with a remortgage on - £300 to be won NOW CLOSED

(471 Posts)
AnnMumsnet (MNHQ) Wed 27-Sep-17 12:19:43

Online mortgage broker Habito want to get folks thinking about remortgaging - did you know...that according to HSBC analysis, one in four British homeowners, (3 million people), are currently overspending on their mortgage by an average of £4,000 a year because they have stayed on their lender's standard variable rate (SVR). By remortgaging, homeowners on an SVR could save between £300-£400 a month (on average)*?

Habito say "we believe that no one should be left overpaying on an SVR. Thousands of homeowner's initial mortgage rates will mature in the next six weeks** which means they will automatically be moved on to an SVR. But, with interest rates still low, it is the best time ever to remortgage. We are a free online mortgage broker that promises to get you the best mortgage out there, then ensure you’re on the best deal, every day, for as long as you need it”.

With this in mind, they’d love to know what you’d do with an extra £300-£400 a month in your family? A massive family holiday? A new car? Treats for the kids? Or would you save it and put it towards a new home in the future?

Share your thoughts on this thread and you will be entered into a prize draw where one person will win a £300 voucher for the store of their choice!

Thanks and good luck and to see how much you could save on your mortgage - visit Habito smile

Standard Insight Terms and Conditions apply

*according to HSBC analysis
** according to CACI data

MummyBtothree Wed 27-Sep-17 13:33:08

Definitely a nice family holiday abroad 🌞

CopperPan Wed 27-Sep-17 13:47:38

We'd save it towards getting the garden done - it has a lot of plants that are quite high maintenance and not great for kids, and it would be great to have more space for them to run around and outdoor toys.

Geillis Wed 27-Sep-17 13:53:02

New beds! Ours are all second or third hand and my idea of pure luxury would be to have new beds & matresses for the whole family.

Motherofterriers Wed 27-Sep-17 13:56:43

In theory, save the money. In practice probably spend it on holidays

InMySpareTime Wed 27-Sep-17 13:58:07

We recently paid the balance off our mortgage, saving us £1100 a month. We're putting it towards saving for the DCs to go to University, and starting my pension savings.

ButterflyOfFreedom Wed 27-Sep-17 14:00:58

Ooh I have a list!!

New car
New kitchen roof
New windows
New rendering on the house
Family holiday
Nice big new lamp for the lounge

And that's probably in order of priority!

KatnissMellark Wed 27-Sep-17 14:26:17

I would overpay my mortgage!
Save to enable a move to a larger house
Pay for IVF!
Go in holiday

Rosehips Wed 27-Sep-17 14:31:25

use it to overpay the mortgage smile

Clayhead Wed 27-Sep-17 14:33:57

Just remortgaged, using savings to overpay the mortgage! Have always done this.

hetty74 Wed 27-Sep-17 14:35:55

We've recently remortgaged saving £200 a month which is now being used to overpay the mortgage , boring !

WhosTakingDeHorseToFrance Wed 27-Sep-17 14:39:17

Family holiday!

Wanderingbluebell Wed 27-Sep-17 14:43:40

Holiday, new bathroom, savings

asuwere Wed 27-Sep-17 14:46:27

May sound boring but I'd use it to make overpayments on my mortgage, in fact, that's what I'm doing now - I remortgaged (again) at the start of the year but am still paying the same as I was so my budget remains the same but the mortgage will be paid off quicker. smile

RosyPony Wed 27-Sep-17 14:49:19

I'd take the money overspending on my mortgage and I would overpay on my mortgage to shorten the term. We've owned our house for two years and have already taken the mortgage from 25 years to 17 years. It's probably one of the most rewarding things I've done! :D

Vic98765 Wed 27-Sep-17 15:00:29

Is it actually worth paying off a mortgage quicker when interest rates are so low? Wouldn't you be better treating yourself to a holiday or two, after all the mortgage is the cheapest loan you'll ever get!

FawnDrench Wed 27-Sep-17 15:31:42

Would put half into overpaying the mortgage monthly to reduce the loan overall and pay it off more quickly, and half into topping up grandchildrens' savings accounts for when they reach adulthood (as their own parents can't afford either a mortgage for themselves or a decent savings account and have little to no hope of ever getting on the housing ladder)
Hopefully they'll have a house when we're gone.... but who knows in this day and age?

GreenFirefly Wed 27-Sep-17 16:07:57

I'd reduce my hours at work so I can spend more time on crafts.

lunar1 Wed 27-Sep-17 16:33:50

I just remortgaged, increased the payments by £20 per month, reduced the interest and reduced the term by 8 years. Our mortgage is now fixed for 5 years and will be finished 6 months before our eldest will go to uni. Saving £78000 in interest!

The payments will then be diverted to help with university I guess!!

CherriesInTheSnow Wed 27-Sep-17 17:20:36

I'd love to have a good fund for my 2 children, hopefully for a deposit on their own house smile

AWholeLottaRosie Wed 27-Sep-17 17:27:41

I’d like to think we’d either overpay the mortgage or put it straight into savings.
In reality we’d probably use it for other things, relating to the house, that are long overdue. We could do with having the carpets professionally cleaned, gutters cleared out, radiators flushed through, fascia boards cleaning, a new patio would be nice...
...feels like as fast as we get one thing sorted we notice something else that needs attention.

PoppyPopcorn Wed 27-Sep-17 17:28:46

We always remortgage when a tie-in ends, if it's the right decision to do so. it can be a faff but it's SO worth it.

Definitely would spend any extra cash on a holiday, or save towards a new kitchen.

fish88 Wed 27-Sep-17 17:36:59

Put it towards a family holiday. Would have a nice amount by next summer.

LadyKat567 Wed 27-Sep-17 17:56:12

We bought a flat in London just before Brexit and the changes to landlord tax and we think the value of it might have gone down (our neighbour is struggling to sell theirs for less than we paid) sad We saved for years to get on the property ladder so are gutted and wished we'd waited a bit longer!

Not sure we'd be able to get any savings on our mortgage due to this but anyway if we did we have also just got married and would like to start a family fairly soon so would put that money towards topping up maternity pay!

pongopig Wed 27-Sep-17 18:00:16

Definitely a summer holiday. It's a luxury so it's one of the first things to go when money is tight.

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