Tips to save money at home: we’re talking mortgages, insurances, and subscriptions

Tips to save money at home: we’re talking mortgages, insurances, and subscriptions

Everywhere you look, the cost-of-living crisis seems to be the topic of conversation. And it’s for good reason.

Petrol prices have soared, the cost of fresh food has risen by 4.5% and according to the Office for National Statistics, inflation has reached a new 40-year high of 9.4%.

Cost of living: what’s being done?

This month, crisis talks are set to take place between energy sector bosses and the government after it was announced the price cap was forecast to hit more than £4,200 in January 2023.

But while the nation waits with bated breath to see if the government will step in,

Mortgage Confidence’s director and mortgage adviser, Jo Jingree, thought she’d share a few tips that might help ease the pressure.

1. Remortgaging? Don’t bury your head in the sand

Last month we spoke about the impact that the cost of living crisis is having on mortgages.  And while – like most areas of life – mortgage rates are going up, it could still be possible to get ahead of rising costs. “But only if you act fast,” Jo says.

“If your mortgage is up for renewal in the next six to nine months, please do get in touch. Since December 2021, the base rate has risen six times. Just this month, on August 4th, we saw it jump a virtually unprecedented 0.5% rising from 1.25% to 1.75 % – which is where it now stands. So, the sooner you lock in a deal, the sooner you could stop the price of your mortgage from rising. This is especially the case if you are on a standard variable rate, which is usually more costly than a fixed rate. As a mortgage adviser, it’s my job to find each of my clients the right mortgage for them.”

If you are worried about your repayments increasing due to rate rises, it is worth exploring your options with an adviser as they can look at ways to keep your mortgage affordable.

2. Review your insurances

“When people are looking to make savings, they sometimes consider cancelling their contents or buildings insurance,” Jo tells us.

“While I would highly recommend cancelling neither, it’s also important to flag that if you have a mortgage, having buildings insurance in place is usually a requirement of your mortgage lender – so it is therefore compulsory.”

Your buildings insurance covers the cost of repairing damage to the structure and permanent fixtures and fittings of your home, like your windows, roof and the bricks and mortar. While your contents insurance covers your possessions like your furniture, kitchenware, soft furnishings and electricals.

Jo adds: “If you are looking to lower the cost of your bills, instead of cancelling policies, conduct a review to see what else is out there. And, if you are able to do so, consider paying insurances annually rather than monthly. It’s obviously a bigger one-off hit but it is cheaper overall.”

Here at Mortgage Confidence, alongside mortgages, we offer buildings insurance, contents insurance and landlords insurance so can help you find the right insurance best suited to you and your circumstances.

 3.Take a deep dive into your regular payments and subscriptions 

We’ve all been there. Signed up to some sort of subscription service years before only to find you’re still paying for a service you no longer use.

“It’s time to reclaim control over your regular outgoings,” Jo says. “Scan through your bank account statements to see what services you are paying for which you no longer use. It’s also important to check any other online payment services you use too, like PayPal. As there might well be payments for subscriptions you could do without.”

If you are coming to the end of your mortgage deal, are worried about your mortgage rates rising, or would like to review your insurances, do drop Jo an email. At Mortgage Confidence we offer a no obligation 30-minute call to talk through your options.


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