At the end of your fixed mortgage term, most buyers will be transferred onto their lender’s pricier standard variable rate (SVR) pushing up prices by £2,040 a year on average. Reducing your mortgage term will also speed things up – if you can afford it. Through this, the loan keeps your mortgage debt and savings in separate pots with the same bank or building society. The cash savings are then used to reduce - or offset - the amount of mortgage interest you’re charged. MoneyA weekly round-up of news, tips and money advice from experts Lucia Ariano, Gareth Shaw and Jenny Ross.

Source: Daily Mirror June 07, 2021 12:09 UTC