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'd love to treat the kids and hubby to a holiday as it's someting we've done without since I went part time.

Over pay the mortgage until the children start uni and then it will probably be spent helping them!

We’re doing the opposite, remortgaged so we pay more each month (but less in the long run) over a shorter term and finalised just this week so we hopefully pay off earlier. I don’t get the time for holidays so the sooner I pay off the mortgage the sooner I can retire and not be reliant on the non existent state pension!

A trip to the Highlands always wanted to go and the rest saved for a rainy day it feels like difficult economic times are coming and ever rising taxes

I would treat my family to a holiday- somewhere warm, with a beach...and spend a week relaxing 😎

I'd put it towards a holiday of a lifetime for the kids to Lapland. They only have one childhood and love keeping the magic alive!

I'd spend it on a new car as we are well overdue to get rid of our unreliable family motor!

Improving the family home to make it easier to cope with everyday activities

I would invest it into a savings account

I'm overpaying the mortgage too. I'm already on a good deal though, no way I'd be wasting 400 a month. Trying to overpay the max even if it errodes our savings

I’m afraid I’m boring and would do as others have said and overpay on the mortgage. We had to have a 35 year mortgage to get on the ladder and would love to have it paid off sooner

A trip to France. DD has always been fascinated by Paris and I'd love to take her.
Other than that, I'm yet to get on the housing ladder so if I somehow had £400 a month free I'd be squirrelling it for a deposit on our first home.

I would buy new carpets and curtains throughout the house

I would work part-time instead of full time

I would use it to pay off debt so that one day we could afford to save for deposit on a home of our own.

The washing machine just went to washing machine heaven
we need a new one
The tv blew up last month and we are using a tiny bedroom tv we need a new one
the cooker is on the blink so that needs to be replaced
and My mattress makes my back ache
so before i could even dream of a holiday I would replace these things and anything else that goes in the mean time.

IT would enable my children to do some after school clubs and music lessons they are desperate to do!

Definitely save for more holidays!

id love to be in the position to buy a house, me and hubby are both 39 and as im disabled and dont work a mortgage is out of the question. If i had an extra £300 a month it would go on buying a house

Any extra money we save would be for our new house which needs lots of work doing to it, including new kitchens, knocking down walls, new bathrooms...

We already re-mortgage every few years and have only 13 months to be mortgage free. Once this is paid we shall be using the cash each month for a new bathroom and some other home improvements.

Put it towards home improvements - all those jobs which aren't essential, but which make a huge difference when you actually get them done!
Replastering the ceilings which are covered in vomit-inducing artex, giving the garden a makeover, new windows, new front door.. actually there is rather more than I thought!
It would also be fun to put some towards some treats - a theme park day out & a couple of nice coffee & cake trips!

Oh wow! That would make a massive difference in our household.

Holiday - abroad even!
New clothes - for me not them for a change!
Kids in after school club so I can have some time to myself!
Maybe even a night out a month with DH!

I'd overpay the mortgage with it. Did that with this house - long term gain FTW.