Help save me more money - please

GirlRacer_2

In my quest to save even more money I wonder if anyone here can advise me. I currently have a £70,000 mortgage with Halifax and pay Total Mortgage Protection Plan - Total premium of £66.28. I also have a secured loan on my property for £35,000 and pay Payment Protection of £5340.00 total to be paid over the 300 months i.e £17.80 per month. Is there any way I can cut down on these. Is there a policy that I can take out with someone else that will be cheaper but give me the same level of cover.

My mortgage deal is up for renewal in September so I'll be looking at this closely, but am I allowed to cancel the 2 lots of Mortgage Protection Covers and take one policy out to cover both the mortgage and the secured loan?

Any advice or recommendations please

KittyBoo_2

I have a £71,000 mortgage with Halifax and used to pay a similiar amount in mortgage protection cover. I cancelled it and just went for their life cover which costs me £16 per month. Have a look in the insurance section too. I'm sure the experts will be along shortly and point you in the right direction. Good luck.

GirlRacer_2

Thanks Kitty, I've already posted on the Insurance board as well, hopefully somebody will be able to help me out here. I seem to be paying a lot per month. Just accepted that it was the amount I had to pay before joining this board, now I seem to be questioning everything.

*zippy*

I have had this company in my favourites list for ages, I must have got it off the site somewhere.

http://www.paymentcare.co.uk/index.php

Have you read through Martin's articles?

PPI

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1094824697,77411,

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076369501,83567,

zippy x

GirlRacer_2

Thanks Zippy, just done a quick calculation with their calculator and they would charge me £18.37!!!!

*zippy*

How much will it save you? Is that £18.37 for both.

GirlRacer_2

No it's only for the Halifax Mortgage. But even so its saving me £40 per month. Am going to phone them tomorrow and see what they say. I may be able to put the both loans on the one policy but even if I can't I'm still £40 up for the same level of cover.

Can't believe I've never questioned this before.

*zippy*

Yes £40 is great :T

I don't know anything about them, I just save sites if I see something interesting posted that I might need in the future. So do check out Martins articles as well just in case you could save a bit more.

zippy x

GirlRacer_2

I'm on the ball today, I'm like a money saving woman possessed. Been on the phone to Vodafone and found out that my contract expires on the 20th April and they have agreed a deal which is £35 per month cheaper and now the Mortgage Protection. That's a minimum of £75 per month that I've managed to save.

I really thought that I had cut back everywhere, just goes to show what that extra mile can do.

Thanks for your help Zippy, much appreciated. x

frugalpam

GirlRacer wrote: »

I really thought that I had cut back everywhere, just goes to show what that extra mile can do.

It becomes addictive! If you haven't done already, start shopping for better deals on phone, tv and broadband, gas, elec, insurances etc. Check everything. I've saved over £100 a month - actually, I'll bet its closer to £150 now - just through getting better deals :j Check out the Utilities Board here at MSE.

Pam

PS Apologies if you've already done all that - I get like an MSE disciple at times and can't resist 'spreading the gospel according to MSE'

CFC

Well done Girl Racer! Nice one!

It's really important to shop around on mortgage/loan protection as there are huge savings to be had. If you can afford to have the waiting period to be two months rather than one month for unemployment or sickness, you'll tend to find that the prices come down again yet further.