Reduce your mortgage repayments
Struggling to keep up with your monthly costs, or worried about remortgaging onto a higher rate? You're in the right place! Discover how you could reduce your mortgage repayments today, with the UK's Best Mortgage Broker.
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How to reduce your mortgage payments
There are a couple of ways you can reduce your mortgage costs, either by boosting your affordability to access lower rates or switching to an interest-only or part and part mortgage. See which of the below options you're eligible for by creating a free plan today.
Choose a longer term
As long as you meet the lender’s age requirements, you could extend your mortgage term to pay less each month, but over a longer term. You’ll pay more interest overall, but you don’t have to stick with the longer term indefinitely.
Switch to a part and part mortgage
Reduce your monthly costs while still paying off some of your loan with a part interest, part repayment mortgage. You'll have a smaller loan to pay back at the end of your term in comparison to interest-only, and will pay less interest overall.
Change to interest-only
Switching to an interest-only mortgage can be used as a tool to keep repayments affordable, but should be used as a short-term solution. Otherwise you’ll have to pay your remaining mortgage balance at the end of your term.
Improve your credit rating
Having a low credit score tends to limit your mortgage options and could mean you'll be offered much higher rates. By improving your rating in the run-up to your remortgage, you could access better rates.
Make an overpayment
Depending on the loan-to-value (LTV) percentage of the mortgage, it could be worthwhile making a lump sum overpayment to reduce your loan size. With a smaller mortgage, your monthly costs will be cheaper.
Use an offset mortgage
If you have a large amount of savings, you can use an offset mortgage to link your home loan with your savings to ‘offset’ your mortgage debt. This means you’ll only pay interest on the difference between the two.
Why Tembo?
We help buyers, movers and homeowners discover how they could boost their affordability in 3 simple steps. It’s why we’re the UK’s Best Mortgage Broker.
See today's best mortgage rates
In a turbulent market, it can be difficult to find the best rates or deal for you. We can advise you on what you should do to reduce your mortgage repayments and make your monthly costs more manageable, based on your situation and the current market.
Create a Tembo plan to get started or compare live interest rates from across the market on our comparison page.
The interest rates shown are an indication only and are not guaranteed. Current rates may have changed by the time you come to apply.
Tried, tested & trusted by thousands
Read some of our 5* rated reviews from home owners who we've helped to remortgage to a new mortgage deal. Create a free Tembo plan for a personalised remortgage recommendation.
