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

We love travelling so any extra money would definitely go on holidays! I'd like to think we would be sensible and put it towrds the mortgage or something equally grown up but I know that would never really happen!

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

Oh definitely a large summer house for the garden!

I would save it for the 6 months or so, and then use it to start the much needed house repairs.

Put it towards my DD's University costs.

I would put the money towards some much needed home improvements! Just to make it a little more of a family home!

Definitely a holiday or two - maybe a beach trip somewhere nice and then a city break with some educational value

Oh, so much! We could afford to finish doing all the work that needs to be done to the house and garden which would mean we could put the house on the market and move to a nicer one.

Ooh! Nice!! Well, we have been in Verlaine on our mortgage for a few years now, as we have a tracker mortgage, and with rates so low, if we couldn't overpay then, then when could we? So we would probably keep that up (speculating to accumulate in the long term when we are mortgage free sooner) and also save the money we have left. HOWEVER, we all love to travel, so I know we would also use some of that hard saved cash to have the odd super duper holiday, like a road trip through the USA, or experiencing the Northern Lights....you know, bucket list stuff.

Would definitely go on more holidays aboard, we love travelling

Definitely a holiday

I'd definitely use it to complete doing up the house and then when thats done it would go towards doing fun things and days out with the kids.

I am ashamed to say that I have quite a lot of credit card debt, I am paying it back ( slowly ) and I would pay it back with an extra £300 per month

It's a long list! But the things at the top are family holiday, new dishwasher and fixing the conservatory.

Oh wow if I had the kind of extra money it would most definitely be spent on making memories with my family. Days out, adventures, holidays! It would be amazing!

It would definitely go towards a holiday. Quality time together making memories is far more important than owning expensive luxuries.

I'd use it to help us get by as this month I quit my job as my daughter is 3 months old and want to spend these early years with her.

I'd use it for a family holiday as we haven't gone abroad for four years and would love a nice hot break away somewhere :)

I'd be made up with the amount more in my bank each month! I'd probably save at least half and use the other half for treats like days out and stuff like that :)

I'm all for overpaying on the mortgage, saves thousands and thousands over the term of the mortgage. Mortgage is paid off early, then you'll be 'rolling' in it.

I would get a nice pot of savings going - and then probably blow it all on a holiday.

Would love extra money each month, never really thought about remortgaging as thought it would take too long and cost money - will definitely be looking into it now! If I had an extra £300ish a month I would go on nights away to different places, take the kids out and treat them and just not worry so much :)

I would use it to help us get to see my OH's family in South Africa.

I would save until I had enough money for a luxury holiday with my family

Would spend on a summer holiday for me and my son and save some to do improvements to the house.