Property expert reveals one simple trick that can slash your mortgage payments overnight

People struggling with rising mortgage payments have been handed a lifeline - and it all comes down to one surprisingly simple move.

Terry Fisher, property expert at Sold.co.uk, says a growing number of savvy homeowners are slashing hundreds off their monthly bills by remortgaging - and many don’t even realise how easy it is.

“Most people stick with their original deal far longer than they should,” Mr Fisher explained. “They don’t check when their fixed rate ends, and suddenly they’re on their lender’s standard variable rate - which is almost always much higher.”

According to Mr Fisher, just switching to a better deal could cut monthly payments overnight - especially as interest rates start to stabilise.

“This is the single most effective way to reduce your mortgage burden in the current climate,” he said. “With lenders competing for business again, there are some really competitive rates out there - but you won’t benefit unless you act.”

Don’t wait for rates to drop

While many homeowners are hoping for a Bank of England base rate cut later this year, Mr Fisher says waiting could cost you more in the long run.

“Too many people are in a holding pattern, waiting for the perfect moment to remortgage. But if you’re overpaying now, that’s wasted money every single month,” he warned.

He added that even if your current deal has a few months left, you can still lock in a new rate up to six months in advance.

“A lot of people don’t realise you can secure a new rate ahead of time,” he said. “It gives you a buffer and lets you plan - and it could save you thousands over the next few years.”

A smart move for property owners

Although the advice applies to anyone with a mortgage, the trick is particularly valuable for those with multiple properties or long-term investment plans.

“If you’ve got a portfolio, or even just one or two properties, reviewing your mortgage strategy is essential,” Mr Fisher said. “The market’s shifting, and smart homeowners are using that to their advantage.”

With mortgage providers under pressure to stay competitive, deals are changing fast - and Mr Fisher says it’s all about timing.

He said: “It’s not about beating the market. It’s about not overpaying when you don’t have to. Whether it’s your home or a rental property, keeping your mortgage optimised is one of the most powerful tools you’ve got.”