TOP MORTGAGE DEALS

SIGNING up for a mortgage set below the 2 per cent benchmark will not just cut your monthly repayments. If you use the savings wisely it can help clear the loan years ahead of schedule as well.

This is exactly what bus driver George Neill, 57, and voluntary worker wife Janet, 47, discovered when they remortgaged this summer.

The couple last remortgaged ten years ago, just before the financial crisis. They picked a ten-year fix at what was then a best-buy rate of 5.99 per cent.

Janet says: ‘When this ended the rates we could switch to were so much lower.’ After shopping around online they found a twoyear fix set at just 1.82 per cent from Yorkshire Building Society – and for a while they thought it might be too good to be true.

They were wrong. Janet says: ‘In the end the application was incredibly easy and we were approved almost straight away.’

The monthly repayments on the couple’s three-bedroom terraced house in Brighouse, West SWITCH: Janet and George Neill hope to clear their mortgage early Yorkshire, have now fallen by £300 a month – nearly £4,000 a year.

As well as buying a few luxuries, the couple plan to use the flexible features of their loan deal to repay occasional lump sums to help clear their mortgage early.

Janet adds: ‘Having found such a low rate, we do not want to waste any of the monthly savings we have made.’