Many people have mortgages and they can be one of the highest expenses from a household. This means that it can really help if the mortgage can be reduced, particularly if it is reduced a significant amount. There are ways that this can be done and it is worth considering whether they might be useful for you. You can look into them yourself or may prefer to ask a financial advisor to help you.
Before you look to changing your mortgage deal you need to take a look at whether you will have to pay an early redemption charge if you leave your current deal. This is more likely if you have a fixed interest rate, but even if you do not, you should take a look and see whether you will be charged and how much. You need to calculate whether it is worth changing lenders if you take into account their charge. If you change your lender, then you could find a much cheaper deal on your mortgage. If you search you will see that the percentage charged by different lenders changes a lot and therefore you should be able to find one that is more favourable than yours. Comparing the advertised rates, will give you an idea of who is likely to give you the best rate and you can use a comparison website or a financial advisor to help you with this. However, you need to be aware that lenders do not offer all customers their advertised rate. It will depend on their credit rating normally, but possibly on other factors as well. Therefore you will need to check with them, as to whether they will offer you that rate or not.
You could stick with your current lender but swap to a different mortgage deal. If you have a charge for changing lenders, then this could be a better option or you may find that they have something more competitive and you would rather stick with them rather than change lenders. Talk to them and see what they can offer you and ask whether there would be any charges for you to change. You will then be able to work out if it is worth changing. If you are tied in to a deal, then it could be worth waiting until that term finishes before making any changes as you will then be able to avoid any charges associated with leaving that deal.
If you are really struggling ith paying your mortgage, then it could be worth considering downsizing. If you can sell your property and buy something smaller then youcoudl end up saving a significant chunk of money. You will not only have a cheaper property and therefore be able to repay some of your mortgage and reduce your repayments, but you will have lower bills too. With a smaller property it will be cheaper to heat, light and maintain and you will have less council tax to pay. The insurance could be less as well, depending on the area and so you could end up saving money in many areas as well as mortgage.
If you are in a position to make some overpayments on your mortgage then this could be a way of reducing the total cost of your mortgage. You will need to check if there is a fee associated with you being able to do this, but many mortgages are flexible these days. Some will have an associated overpayment account here you can deposit money and others will allow you to pay extra money off the remaining balance. If you start to do this, then you may be able to negotiate lower repayments for the future or you may just be able to get the mortgage paid off quickly and no longer have to worry about repayments at all. You could use money you have in savings accounts to do this and it could be really worthwhile if the money is earning less interest in the savings accounts than it would save you in interest on the mortgage. It is worth checking this out and it is an easy thing to work out.