Mortgage Statements: Your Mortgage Hack
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If you are a mortgage customer, you will probably have recently received your annual mortgage statement.
There are two types of people in this world; people who open their statement with vigour keen to see how much they have paid down and what ground remains for them to cover and there are people who bury the statement without opening it, quick to move on to see what amazon may have delivered. If you are in the latter camp, we understand that sickening feeling that comes with the sight of financial statements coming through the letter box and so we have developed this quick hack to help you get over this anxiety (which often results in paying far too much for your mortgage).
The Mortgage Hack:
- In your statement look for the interest charge amount. This may be charged by month or by quarter. This will be decreasing slightly as the year progresses so that the last interest charge on your statement is what you want to identify.
- If by month multiply it by 12 and if by quarter multiply by 4.
- Take that figure and multiply it by 40%.
- That’s the annual interest charge most people can save by switching provider.
If you are mid-way through a fixed term there may be breakage costs, but you should find out from your provider as they may be small.
So, if you are in camp two, do yourself a favour, try out this hack and register at https://switcheroo.ie/ for a free consultation on how you can save money on next year’s mortgage statement.
Alison Fearon is Managing Director of Switcheroo.ie
Panda capital Limited T/A Switcheroo is regulated by the Central Bank of Ireland.