Never mind a quarter per cent mortgage saving. Here’s how to double it
Mortgage-holders across the UK could save twice as much on their outgoings, according to online platform Onedox.
The news comes after the Bank of England dropped the base interest rate to 0.25 per cent recently, saving the average mortgage-holder around £250 per year.
Onedox CEO David Sheridan said: “On average our customers save around £500 per year on their household bills, but many will save much more than that.”
“Those with mortgages are now starting to receive their reduction letters, which is great news for many, but they have the opportunity to double their mortgage rate saving by using the Onedox online platform. Based on recent figures, the average mortgage across the country is just over £114,000. The average £250 a year saving on the mortgage is welcome, but householders can add a further £500 to this which would be even more welcome”
For the longer term though, research by estate agent Savills earlier this year suggests that in many parts of the country mortgage-holders are dangerously overstretched and exposed to any future increase in interest rates.
David added: “Whilst the recent reduction in interest rates is a bonus for many people, none the less it is very concerning that so many people could be affected by any future increases in interest rates. That’s why it’s essential to make savings where you can and why www.onedox.com should be in the favourites bar on your computer.”
Onedox began after CEO David and two friends discussed the constant frustrations they had with wasting time and money on managing and paying for household utilities.
David said: “It’s important that managing your bills is as easy as possible, so once you have your accounts connected to the platform Onedox builds a dashboard for you, which even gives you reminders when your MOT is due for renewal”
Notes to Editor:
• For Media comment and interviews contact David Sheridan on 07540572123 or email david@onedox.com
• Onedox can be accessed online at www.onedox.com, and a mobile application is currently available on Android, with an iOS app currently in development.
• For more information about Onedox visit www.onedox.com
• Mortgage volume numbers are taken from the 9 February 2016 Savills Mortgage Report.