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

new livingroom furniture

treat my family every month to a special day out

I'd give my kitchen a mini makeover. Decorate, new flooring, tiling, paint the units.

Definitely save, and use it towards moving house

A holiday would be amazing. I haven't been on one since I was a child so it would be such a treat :)

I’d definitely save it. On the basis that we are affording it now so wouldn’t miss it. And we probably do not have enough in savings, certainly not the 3 months salary they tell you that you should have.

I’d probably use most on over pay on the mortgage so we could pay if off sooner! Boring I know, but I can’t wait to be mortgage free!

i really need to start saving towards a retirement pot so i think i would concentrate on that

I would use the money to run a car. Although I manage to live without one, I miss the freedom of driving and being able to go places and it would be great for family days out

I would put it towards university fees for my daughter! Some hope though - our mortgage is pretty huge!

I'd give half to my daughter who's just started Uni, so she can afford to do the social things she wants to, rather than just paying for her rent and food, and put the other half away for when my younger daughter goes, so she can have some money to enjoy herself aswell. Very boring, but I feel for them, as in my day, I got my Uni education for free, and got a grant to cover expenses.

If I had any money spare I'd put it towards everything I owe, and I'd start to patch up everything that is wrong with my house that has had no maintenance or decorating for over 10 years.

I'd be really boring and sensible and combine overpayments on mortgage with saving for a new roof/car/kitchen when the time comes.

Renovations on the house possibly an extension and dormer to create more space.

I would save it towards a house deposit for my children. We tend to live fairly frugally so I wouldn't fritter it, although I might occasionally take a little out for a one off spend.

I would spend it on improving my house - new bathroom and kitchen are top of the list!

At the moment I don't have any money left over for any kind of luxuries so an extra £300 a month would be amazing. I could afford to treat myself occasionally. I never go out anywhere for a meal or a drink even so I could do that or even a holiday, a pampering spa break would be nice

I would make my house as cosy as possible and invest in nice windows, florring, lighting etc. if only though....

I would replace my single glazed mouldy original shot-to-pieces wood framed windows on the side of my house.

Well its our sons last year at school this year, so I would be saving most of it this year (but have a holiday) and then put it towards helping him with further education - he will want to go to university after doing A levels so I think that will cost a small fortune! After his studies had finished I think a nice new sofa would be next on the list!

I would love to get the front garden sorted and get a tiled pathway. Then as dull as it is, probably overpaythe mortgage....

There are a number of home improvements that need doing. Our kitchen has seen better days, for example. I'd save it all towards that, but with the understanding that up to 50% of it each month could be used if necessary for those unexpected extras or for the odd treat. However the other 50% had to be saved. So I'd initially put the whole £400 away but if £200 of it ended up being spent anyway, that would be okay but I'd refuse to touch the other £200.

Love to take the family canoeing in the Wye Valley

That much extra would be fantastic - half would go on overpaying the mortgage and the rest would go into the education fund in case he wants to go to uni one day.