Top tips for saving on your mortgage
- Rent out a spare room – Charge rent to help cover some of your mortgage costs, including utilities.
- Make extra payments when possible – If possible, make additional payments towards the mortgage capital (not just the interest). Be sure to check for any early repayment penalties first though.
- Find the best deal – Shop around for mortgage deals with better terms and lower rates to reduce your payments.
- Extend your term – Lengthening your mortgage term can lower monthly payments, though it may increase the overall cost over time.
- Negotiate with your lender – Discuss options like extending your fixed rate or securing incentives for staying with your current lender.
Government support and other financial assistance
- Housing Benefit – If you’re eligible, this can help with mortgage payments.
- Universal Credit – If you’re eligible, this can contribute towards household bills, including your mortgage.
- Support for Mortgage Interest (SMI) – If you’re on Universal Credit, Pension Credit, Employment Support Allowance (ESA), or Job Seeker’s Allowance (JSA), you can apply for financial support to help pay the interest on your mortgage.
- Grants – Search for available non-repayable grants using the Turn2us grant search tool.
- Check your entitlements – Use our benefits calculator to make sure you’re claiming all the support available.
Disclaimer:
Please note BudgetSmart has been created to provide you with information but it’s important to always do your own research too. Whilst BudgetSmart contains links to third party websites we think you might find useful, PayPlan is not responsible for any external content or any actions you take when accessing these links/websites