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

Divorce bills

I would overpay the mortgage as we want it gone as soon as possible. Our lives will improve in lots of ways once it's finished so this would help a lot.

So many things need doing on our house.... the extra money could go on:
Redecoration
New carpets and curtains that haven't been nibbled by rabbits!
A log burner

I can dream....

New car, holiday abroad, new furniture and no need to worry

Put it towards a nicer house

I would buy a new bathroom. We just moved into a new house and we would love to get the bathroom upgraded and also the windows as they are old wooden frames and single glazed.

At the moment it is cheaper to go onto the SVR for me, I have spoken to an advisor and they said the same. I do want to fix it for peace of mind, but it'll cost more if the interest stays the same. If I had £300-400 extra a month I would overpay my mortgage and pay off the car loan, if I didn;t have those to pay I would save it for a rainy day and spend a little bit on treats.

Would have to be more holidays to different sorts of destinations that probably would never go to,like Norway,Iceland,Sweden.

A new car definitely and I would put some away towards my pension fund aswell got to think of the future

double glazing - our front windows have "war glass" in them - our street took a blast during ww2 and during the war they used super-thin glass to replace broken windows. Mind you it has lasted 60 years, so it wasn't that shabby, I guess.

Would save it for a nice holiday, would be lovely to be able to treat ourselves instead of counting the pennies.

I would save it to cover unexpected bills, would be nice to have something behind us.

I would use it to help our daughter who would love a home of her home.

Either a new (to us) car, or a nice holiday.

Wow, it would be amazing to have that much extra a month. I would put it aside each month and treat the family to a nice holiday in the summer, without having the worry about spending money etc.

I would use it for more days out with my children and to also pay for the clubs that my children wish to join.

We would use it to overpay the mortgage, the idea of being mortgage free earlier is very satisfying.

Our mortgage is mostly at Bank of England base rate so v good and we are currently overpaying with the aim of being mortgage free in 10 years.

I'd probably save half of it, and use the other half to pay off debts more quickly!

Save it for a newer car, then a holiday and then if there is any left it will be spent on family luxuries like gym/ swimming membership, new clothes, hairdresser, beauty treatments, pets - endless list really.

If i had that amount spare id make sure we spent more time as a family and less time worrying about how much we are spending and arguing about money.

If half it and put half straight away for further in the future (or something that popped up unexpected)

then the remailing half we would use to all go out together for a fun day

A lovely holiday would be wonderful

Overpay the mortgage to reduce the total amount of interest paid and be mortgage free as early as possible. Or just spend it on wine and cake.

I would put it back into paying off the mortgage

I WOULD SAVE 25% FOR EMERGENCIES, THE REST I WOULD SAVE FOR LUXURY CRUISE EVERY YEAR