Loose change: Variable-rate mortgages, remortgaging, New Star
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Your support makes all the difference.A survey by the Association of Chartered Certified Accountants (Acca) shows many bank-standard variable-rate mortgages are more expensive than those from building societies. John Davies, Acca's head of business law, said: "Supporters say demutualisation offers financial advantages to society members, but members should not be blinded by one-off cash windfalls. When a society becomes a bank it has more financial demands to satisfy, and that usually means more expensive mortgages."
Homeowners miss their share of a potential £22bn windfall by not remortgaging, says Direct Line. Nearly half of us could save £200 a year by changing mortgage lender. And overpayments of £100 a month on a £75,000 mortgage can save £20,000 and pay off mortgages seven years, seven months early.
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