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Find a remortgage to be saving money, expert says
Fri, 16 Sep 2005
A Welsh financial expert has suggested to homeowners that they find a remortgage if they want to start saving money.

According to Rhiannon Williamson, the average British family could save some £1,600 every year if they find a remortgage that offers competitive remortgage rates, the Western Mail reports.

Her advice comes after a survey by Combined Insurance found that people's biggest monthly expense is repaying their mortgage.

The research, carried out by YouGov, found that of the average take-home pay of £1,389, some £347 goes towards mortgage repayments.

But if homeowners search for a remortgage, they could be saving money on a regular basis.

"Few people have enough savings to last them more than a few weeks, and the majority of people have no income protection in place," commented Nigel Brittle of Combined Insurance.

Ms Williamson noted that people should be able to survive for at least three months if they find themselves suddenly unemployed.

Apart from starting to search for a remortgage, homeowners were also advised to switch to credit card deals offering zero per cent interest, as that could save families hundreds of pounds every year.

The Combined Insurance research revealed that the average amount that a person spend on repaying personal loans and credit cards comes to £216 every month.

Ms Williamson further highlighted the importance of shopping around for the best deals on services like insurance and telephones, and to reduce unnecessary insurance.

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