Experts explain ways to cut mortgage payments but warn of charges

With the cost of living continuing to apply mounting pressure onto people's wallets, many homeowners may be concerned with paying their mortgages.

Examine your total household budget The first step to knowing how much you can save is knowing how much is actually going out. The goal with working out your budget is to try and spend less than what you're earning. It is also advised that you use an online budgeting tool to help keep things organised, such as the one available from Money Helper.

Changing your mortgage deals While it is difficult to switch to a significantly cheaper mortgage deal in the current market environment, there's no harm in checking. However, Citizens Advice has warned that you may have to pay some charges if you cancel your mortgage contract too early - known as a redemption fee.

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