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

[AnnMumsnet]

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

Standard Insight Terms and Conditions apply

*according to HSBC analysis
** according to CACI data

I would save the money and then use it for big expenses that crop up over the year. The big expenses for us are the car insurance as we pay it all in one go to avoid financing charges, school uniform purchases in the Summer holidays and Christmas as it gets expensive with a larger than average family. Anything left over would stay in the emergency fund to cover unexpected expenses.

I'd definitely use it to pay off my credit cards!

after recently visiting my in-laws who've had their garden landscaped, I can't stop thinking about it and I've noticed how shabby mine has got so I'd love to give it a grown up makeover

Any extra cash would definitely go towards a memorable family holiday

We bought our first home nearly 5 years ago now, it hadn't been touched since the 80s so has needed major work doing to it! We're nearly there but are desperately saving for a new kitchen as the one that was here is slowly falling to pieces. An extra £300-£400 a month would be saved towards that!

Overpay the mortgage to become mortgage-free asap!

We got turned down for a remortgage which was fab as it meant we where saving money by not paying and wasting money on extra years in interest. Will soon be mortgage free thankfully now hard work , but we are planning on traveling and helping my mum now shes nearly retired

I think I'd use it to start snowballing some good changes in our lives, I'd replace the clothes that I think I'll get more wear out of, but really they are past their best. Then I'd treat myself to sessions with a career coach to get a focus on what to do next, then savings.

My OH always remortgages so we are paying a good rate.
If we had more money I'd like to overpay the mortgage but also put some towards a uk family beach holiday where we could all unwind and relax together !

I would spend this on renovating the property.

A new car!

I'd love a good family holiday

I would use the money for adventures and experiences with the kiddies.

My new baby is due in 3 days so being a single Mum to be I would put some away to treat him and some in a savings account for when he's older

I'd use the money towards family presents - birthdays and Christmas and to make a start on taming the jungle aka the back garden.

I would be really boring and put it towards a new washer dryer.

I'd save it up & take the boys & Husband to DisneyWorld next year - big boy is starting seniors then & it'll be a great time!

Of course, after that, we'd be overpaying the mortgage every other month, to clear it off earlier!

Shame that I would never let it go to standard variable rate, as I would love an extra extra £300-400 pcm... not that that is what I am saving by going on fixed rate.. but still....

I'd spend it on house maintenance, decorating etc.

We'd use it for a holiday.

Thanks for the comments, am pleased to say rhinosuze has been selected as the winner of the £300 voucher.