Cut existing loan costs - have you saved from 'switching' loans?

Former_MSE_Stephen_B

Hi all, a new thread to capture any successes, savings or real-life warnings from switching loans (for more info, please see our Cut existing loan costs guide). 
Please share your experience if you took out a new loan at a lower rate, and paid off an existing, more expensive loan.  
To help inspire others, please let us know how much you saved, and what you've done with the extra money.
Many thanks!

treenytot

I used MSE Loan Switching Calculator and Loans Eligibility Calculator to go from 6.8% to 2.8% by switching loan. I saved 347.12 overall on the cost of my original loan, but also used the opportunity to spread my loan over an extra year. This means I am £123.00 better off each month, which is a big bonus as I'm currently on maternity leave so monthly cost cutting is my biggest priority while i'm on reduced income. I also borrowed £200.00 less than my settlement fee, and paid that from my own funds. This roughly doubled the savings on the cost of my loan and shows how even a small reduction in the loan value can save you even more.