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

Redecoration and new carpets would be nice.

A little holiday for our wedding anniversary in December, our first with our little boy

When i first saw this question, i thought about all the things we need to do for the house - new wardrobes, new flooring and general sprucing up but in fact from reading other's responses, it now makes more sense to overpay the mortgage so that's what we'd do

I would save for another round of IVF. Am 39 soon so time is running out

We don't overpay our mortgage. We just simply can't afford to at the moment. It's something we've really been thinking hard about how we can achieve it though.

£300 could make a small dent in our long list of things to do to the house! We need to replace the gutters at the front of the house, put boarding down in the attic, move the hatch into the landing and add a pull down ladder.

Although if my dh had a say, it would probably go towards a new tv or a new radio.

God I've got loads: an extension
New carpets upstairs
New mattresses
Garden makeover
New oven
New Hoover
Holiday
Car

Keep trying to get my partner to remortgage but I done think we can as we don't have a mortgage in the first place.

If we did we could buy another couple of houses.

I'd put it towards helping teen dc get on the housing ladder in the future.

Every time we remortgage we think about reducing the term/increasing the payments. We have only 4 years to go now having knocked about 8 years off the term, and we massively overpay (more than double what we need to). In the long run anything you do to reduce the term of your mortgage will save you a LOT of money in the long run. With overpayments you need to watch - some mortgage products will penalise you if you pay of chunks off the capital amount.

I think anyone taking out a mortgage for the first time, if they can possibly afford it, should knock years off the standard 25 year mortgage term. Even just a couple of years will make a big difference long term, without putting the payments up by very much.

We've just bought a new house and been overpaying on our current mortgage for years so we could afford this next step.

Tickets to Disney on Ice in London then a fun trip around Hyde Park Winter Wonderland. We could see all the lights and maybe go Ice Skating.

Being sensible, I would use the money to pay off an outstanding loan, pay off student loans, redo the bathroom, redecorate the house, then save money to move to a bigger house. I'd also buy a tumble dryer and a robot hoover to make life easier.

Being less sensible... I'd buy a tumble dryer and a robot hoover! I'd get a cleaner and a laundry and ironing service. I'd buy all the books I want, and all the wool I want for new knitting projects. I'd pay for a babysitter so DH and I can have a night out each month at least. I'd buy DD the most beautiful dolls house to play with. I'd save for us to go on holiday somewhere warm and plan another trip to New York. It would be wonderful.

We've not long bought a new house and we have a young baby so the list is endless - spend it on redecorating her room, redoing the bathroom or save it towards a winter sun holiday. I can dream!

I'd like to put the money into overpaying the mortgage but after 2.5 years of renovations we're on the final stretch and just discovered we need a new roof so that first.

Pension. Because we're very dull, but not quite dull enough not to fritter it away if it's not secured somewhere.

A lovely sunny holiday for us. DH hasn't been abroad for 10 years!

We're saving for new windows, so it would be a very welcome addition to that. Then we could do with replacing the kitchen as it is literally falling apart... So home improvements would be the way forward for us.

Definitely save it!

My fantasy list:
A seriously good hair cut and colour every month
Weekly blow dry
Weekly mani/pedi
Weekly massage
A cleaner 3 x week

My reality list:
Overpay the mortgage
Maths tutoring for my DS
Music lessons for my DD
More shopping in Waitrose, rather than Tesco

Overpay, so want it sorted before dc go to uni ( if they choose to).

I would mix it up, go on holiday 1 month, treat the kids the next then save the next month and put money by for Christmas and Birthdays.

I would love to remortgage. Up until a few years ago we remortgaged every time our fixed rate mortgaged came to the end of term. However we are with Northern Rock, our income has changed and we are no longer able to borrow the amount we currently have a mortgage for! Our mortgage is based on an interest only mortgage and I would love to remortgage on a repayment mortgage. Our current mortgage is at 5.4% so would love to fix into a 5 year repayment mortgage at a much lower rate but we are stuck where we are.

Could treat my horse to a lite/demi lite childéric saddle 😍

I've just remortgaged to have some extra money each month so I can afford to adopt.

I think we’re probably already on a good rate as dh normally stays on top of it but if we could save that it would be fab! I’d definitely like to spend it on holidays