Savings can be made on mortgage payments, says

Date:Tuesday 19th October 2010
Author: Susanna Kavka

Price comparison site has urged people to review the home finance deal they are on, because they could save money by switching.

Research by the organisation showed that a person swapping a £150,000 4.74 per cent interest standard variable rate deal for a 2.69 per cent interest two-year fixed-rate from Cumberland Building Society could save £1,052.92 over the course of a year.

Kevin Mountford, head of banking at the company, suggested that people could conduct their own form of spending review to complement the one being announced by the government this week.

He said: "With cuts to Child Benefit declared last week and further announcements expected, many consumers will be concerned about the impact on their finances."

In his opinion, savings made could offset any negative impact of the state's spending plans.

The Comprehensive Spending Review will be announced at 12:30 BST tomorrow (Wednesday October 20th) and will cover the next four years of public expenditure.