Cutting Monthly Payments through remortgage

What is a remortgage?

A remortgage is the process where you pay off your current mortgage and switch your lender. The fee of the previous lender is cut off and you can get a new and better deal that can help you save more each month. Almost third of the home loans in England are remortgages.

When people make the choice of remortgaging, it is mostly based on them finding a better deal with lower interest rates. It is necessary that when consider to remortgage, you should benchmark the best possible rates for yourself and then compare rates on the internet but make sure you use a site that also show direct only deals and not just deals available to mortgage brokers.

How can you cut monthly payments?

Larger savings

When you remortgage, it is obvious that you would choose a lender that is offering you a better deal than the one you had last, which means that you must be getting a much lower interest rate. Lower interest means lesser payment and lesser payment means more money in your pocket.

The best time to remortgage would be when your current deal is about to end. As it ends, the lender applies the Standard Variable Rate which means higher interest rate as compared to other deals available. Apply for a remortgage about 4 months before your deal is about to end.

There is a possibility that you might be hit with an early payment charge which can be a lot, about 2-5% and an exit fee, but that does not mean you should factor out the savings that will follow after you leave this deal. Calculate everything and make your decision carefully. Search for the lender that you can give you a better deal even after considering the exit and early payment charges.

A good relationship

Sometimes the factor that you and your lender are just not at good terms with each other could be a reason why they are not offering you better deals and help with repaying the mortgage. Look for people who are willing to remortgage with a smile on their face and offer help in the difficult situations.

Other expenses

Considering other expenses like a new car or home improvements, it is better to seek out a remortgage deal rather than a personal loan because mortgages have the lowest interest rates as far as loans are concerned.

Managing loans

A remortgage is also a good way to convert all your other loans into one easily manageable mortgage. You can pay off all those loans from the mortgage money and then just left with one debt to manage with lower interest rates rather than several with skyrocketing interest rates.

When thinking of a remortgage always remember to calculate your best affordable rates and then look for lenders that meet these requirements. There is no point in going from one mortgage to the other if you are not able to save at least 25% more than what you were saving the last time.

How to Stay Clear of Overdraft Fees

Overdraft fee is the amount that your bank charge for issuing an overdraft that has not been agreed to in prior. This type of overdraft is called unauthorized overdraft or informal overdraft. It works on a give and take concept, and where at first it may be appealing in cases of need, the cycle can be vicious.


You can end up slowly building your debts towards your bank as the overdraft fees could be monthly, daily or in the form of transactional fee. It could even involve some hidden charges. People often end up using an overdraft again to cover their previous overdraft fee and this can entrap you in a chain reaction.

But unaccounted situations are a norm and financial institutions are bound to play with their customers. How could I even stay clear of these overdraft fees?

Anticipate the Lurking Danger

Obviously your troubles are uninvited but their ramifications are pretty well known once the danger has dawned upon you. Talk to your bank in advance before going for the informal overdraft and request an interim increase in your overdraft limit, while explaining them the situation. Be proactive in this reactionary situation, if this makes sense.

Will this come free of any charge?

Obviously not! Your bank is not a charity. But the fee that you will pay for it is comparatively lower than what you would be paying if you decide for an informal overdraft.

Stop Binning Those Mail-Letters!

Rather than throwing the letters that you receive from your banks, without even reading them, it’s important that you keep a check on them. It could be a notification for a change in policy of overdrafts or your overdraft limit. More aware you are of your account workings, the better your chances to avoid the extra lump of overdraft fees.

Politeness Often Pays Off

 You can request your bank to waiver off overdraft fees at times, provided you have good relationship with your bank. If you are unsure about it, you can still request them.

After all the people in that building are humans as well and they are bound to make an emotional judgment as long as it may not end up costing them heavily.

It can help you at times but remember not to make it a habit. Respect their generosity, rather than treating it as a carte blanche.

Look for Alternatives

Banks are always looking to beat off the competition by offering incentives and special packages to their customers. There are some banks that offer fee free informal drafts up to a limit of £300. However, you may have to sacrifice some other perks in exchange.


But don’t you think this is much better than affecting your credit score?

Mmm, yeah that makes sense!

So, always be on the lookout for better deals.

The Best Student Credit Cards Deals

Credit cards are used by people from all walks of life. Students are an important social group and they are especially an important economic factor in the UK, which facilities thousands of international students each year. These students usually work as well as study and therefore make themselves applicable to obtaining student credit cards. Here, we discuss the best student credit card deals in the UK region.

What are Student Credit Cards?

There are many students who are studying in the UK. Most of them have a tight budget to run their monthly finances. Many financial institutions especially offer them credit cards with small limits that allow them to an emergency need that they might have during their study period without going overboard.

Most student cards have a small limit of around five hundred pounds. These cards have high interest rates and should only be used for emergency payments which can be repaid at the earliest.

Different Student Credit Cards in the UK

There are many financial institutions in the UK, which are currently offering special student credit cards in the country. Here, we are discussing some of the best options that students can avail during the period of their studies.

1.     Halifax Student Credit Card

It is an excellent student card that allows all UK residents who are over 18 years or older to apply. These cards are designed to give better spending power to the students. You can get a maximum credit limit of 1000 pounds and there is also not an annual fee with this card.

It offers standard services such as providing payment alerts on a mobile phone. Weekly balance updates are also available using text messages. It has an APR (Annual Purchase Rate) of around 19.95%. It is very easy to apply for this card and it does not require a prior account in the bank as well. It is issued by Bank of Scotland.

2.     Natwest Student Credit Card

This student card is available to Natwest Student Current Account customers. It has a maximum credit limit of five hundred pounds and does not require you to mention any source of income. There is no annual fee charged by Natwest for this card.

It offers a maximum interest free period of 56 days for some purchases. It also offers all kinds of SMS reminders and alerts. The APR for this card is 18.9% and it is excellent for building a credit score for the future.

3.     Lloyds Student Credit Card

Lloyds similarly offers a student credit card to its student account holders. It also offers a maximum borrowing of 1000 pounds. This credit card is offered as a backup plan for students where they might use it if they require sudden funds.

This card is interest free as well, for up to 56 days with no annual charges. It has an APR of 19.94%. There is a 3% fee on balance transfers on this card.

These are the top three student credit card deals that are currently on offer in the country. RBS and HSBC also offer these student cards to their student account holders. These cards are excellent and allow students to have a cover if they require something in urgent.

Why You Shouldn’t Use a Claim’s Firm for a Payday Loan Refund?

If you need to file a payday loan refund, do not look in the direction of a claims firm. Aren’t they the easiest and most convenient way to ask for a payday loan refund though? If you do not mind giving part of your compensation, then yes, they are the easiest and most convenient option.

Like most people, hearing that may be a huge a turn off for you. If you are still on the edge about whether you should go to a claims firm or not, here are a few reasons that will definitely convince you why they are a bad idea:

1.      Overpriced Fees, Not Worth It

Claims firms end up charging people about 30 percent to 40 percent, which they subtract from the money you receive from the lender. According to the National Audit Office, claims firms made anywhere from £3.8 billion to £5 billion from the compensation awarded to the borrower. They are making tons of money doing what you can do yourself.

2.      They Are No Experts

Claims firms may like to present themselves as experts in the field of asking for payday loan refund, but the truth it, anyone, even you, can call themselves experts. All it requires is asking some very basic questions and using the answers to build a case against the lender.

Moreover, it is extremely easy to show the lender why they should not have accepted your loan request. You can easily show them on how repaying the loan and meeting your living expenses at the same time was impossible. Plus, it is their responsibility to ask you questions about your financial status before accepting your loan application, which most do not do.

3.      They Make Big Claims

Claims firms make filing for a payday loan refund simple and even though it is not difficult, it is not as simple as they make it sound either. The claims firms need to ask you certain questions such as how much money you make and what your daily expenses are.

They need to use the information you provide them to make a case against the lender. Without sufficient information, the lender may reject your request for a refund even if your claim is valid. In the end, it is all about how it is presented to the lender.

4.      They Fail to Mention the Reasons of their Failure

Claims firms fail to mention the following reasons on their site, explaining on how they may not be successful in obtaining a refund for you:

  • The lender is based abroad
  • Don’t try to reclaim a refund if you are bankrupt
  • Don’t try to reclaim a refund if you are part of a Debt Relief Order

Where Should You Go?

You need to visit the Financial Ombudsman Service, as this is one of the easiest ways to ask for a refund. They do not charge you anything. It is a free service, which most people

So this year I went to Glastonbury festival. If you don’t know what that is… look it up. It was amaaaaazing–I’d recommend it to anyone. I’m officially hooked on festivals for life! Getting tickets for it was a pain in the butt. I had to sit on the phone for hours, while a friend of mine tried to buy tickets online at the same time. We were trying for hours–the phone always dialed through as engaged, which was totally annoying. But… after a few hours… I finally got through–yay! I spoke to the operator and order four tickets. I paid using m card and that was it–I was on my way.

Before going, we were sure to pack all our equipment, which included a tent, sleeping bags, pillows, extra blankets, clothes (including water proofs–it rains a lot in England), toiletries, toilet paper (very important), and some bottled water and other goodies. I won a big car, thankfully, so getting everyone’s kit was a challenge… but it was totally doable.

I live near London… so the trip took about five hours to get to Somerset. It look us a further two hours to get the car parked and our stuff to the camp site! (There was soooo much traffic on the way down.) It took us another hour to get the tent set up and all our inflatable beds ready. By the time we were done… we were starving! Luckily there are more than 500 food vendors at Glastonbury… so we all found what we wanted to eat… and chowed down. That was the best meal of the weekend by far… we earned it. After food… we all had a brief nap before heading out to see the first music acts. We left the tent at 12pm and I personally didn’t get back until 1am! What a night! Whaaaaat a night! Too many good bands to mention and too many interesting people to talk about on one blog. Did I mention that I drank enough beer to drown a camel? Good times!

More of the same occurred over the following two days… I’m not gonna lie… I don’t remember much. That’s not through a lack of trying… I think I just drank too much–lol. There was one drinks vendor who sold flat apple cider with a double shot of brandy in the bottom. That stuff is lethal… mainly because it tastes so good and goes down so easily.

If you haven’t been then you really are missing out. Keep and eye out for tickets and get involved. Give me a shout if you’re going, it’d be good to know if people are watching my blog or not.

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