Homeowners could save by switching mortgage deals

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by Kay Murchie

Homeowners can save up to £547 per annum and are, therefore, being advised to look at switching mortgages and other financial products.

Research from MoneyExpert.com has established that homeowners should look to save on mortgages and other financial products, particularly as pressure mounts from rising bills.

The £547 saving was attributed to the average consumer switching the best policy currently on the market for mortgages, home insurance, motor insurance, personal loans and credit cards.

According to MoneyExpert.com, homeowners could save £76 a year on their mortgage while personal loan borrowers could benefit from an extra £204 per annum.

Sean Gardner of the financial expert website, said reviewing basic financial products could help Britons enjoy a major boost on their household budgets.

He added that not everyone will save that much but 80% of Britons are overpaying for at least one of the financial basics. On average, UK consumers are shelling out £150 per year more than they need to.