Africana55 Radio 
English
Afrikaans
Albanian
Amharic
Arabic
Armenian
Azerbaijani
Basque
Belarusian
Bengali
Bosnian
Bulgarian
Catalan
Cebuano
Chichewa
Chinese (Simplified)
Chinese (Traditional)
Corsican
Croatian
Czech
Danish
Dutch
Esperanto
Estonian
Filipino
Finnish
French
Frisian
Galician
Georgian
German
Greek
Gujarati
Haitian Creole
Hausa
Hawaiian
Hebrew
Hindi
Hmong
Hungarian
Icelandic
Igbo
Indonesian
Irish
Italian
Japanese
Javanese
Kannada
Kazakh
Khmer
Korean
Kurdish (Kurmanji)
Kyrgyz
Lao
Latin
Latvian
Lithuanian
Luxembourgish
Macedonian
Malagasy
Malay
Malayalam
Maltese
Maori
Marathi
Mongolian
Myanmar (Burmese)
Nepali
Norwegian
Pashto
Persian
Polish
Portuguese
Punjabi
Romanian
Russian
Samoan
Scottish Gaelic
Serbian
Sesotho
Shona
Sindhi
Sinhala
Slovak
Slovenian
Somali
Spanish
Sudanese
Swahili
Swedish
Tajik
Tamil
Telugu
Thai
Turkish
Ukrainian
Urdu
Uzbek
Vietnamese
Welsh
Xhosa
Yiddish
Yoruba
Zulu
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
The Bank of England Base Rate is at a record low, following two successive cuts to the Bank Rate as an emergency measure in response to the coronavirus crisis back in March. While it may have been a blow to savers, mortgage borrowers may have been able to benefit from low rates.
{%=o.title%} ]]>
It's something which the website Money Saving Expert, which was founded by Martin Lewis, has highlighted.
Writing in the weekly newsletter last month, the website explained that there may be opportunities to make substantial savings on a mortgage during this time.
It means that, while millions may be asking for payment holidays, those still able to keep up their mortgage payments and who have not seen their income affected, may be able to instead save money.
It's something which one Money Saving Expert user has managed to do.
The homeowner, who is known as "MC", emailed the website to explain that they had followed the website's remortgage help, and is now repaying their mortgage 10 years early.
READ MORE: Martin Lewis explains new furlough rules but offers warning
Martin Lewis is the founder of the website Money Saving Expert (Image: GETTY)
Amid expressing their thanks, the borrower explained that it meant that they would save an astonishing £55,000 overall.
So, what are some of the ways in which people can cut costs on their mortgage?
Express.co.uk spoke to Money Saving Expert's deputy editor, Guy Anker, about some options.
"Reducing the term is one of the tricks you can do," he said. "Normally, most lenders will charge a fee.
"It might be £50, it might be £100, it depends on the lender - just for the administration of it.
"They might do checks on you, that you can afford to increase your monthly payments.
DON'T MISS
"It means you pay more every month, but it means you're paying it off for a shorter period.
"And because interest is charged on a daily basis on most mortgages, every day you have an outstanding balance there will be a few pennies added to the interest cost.
"If you shave a few years off it, you might well save thousands of pounds indeed."
Those really struggling financially right now may look into the option of getting a mortgage payment holiday.
"It's worth speaking to your mortgage lender if you are really struggling, and see if you can get a payment holiday," Mr Anker said.
Martin Lewis' Money Saving Expert has revealed one mortgage borrower saved £55,000 on their mortgage (Image: GETTY)
"What I would warn though is interest still accrues while you're on that payment holiday. So it does mean that over the course of the mortgage you'll pay a little bit more in interest."
It may be that a mortgage payment holiday isn't for everyone.
But, there may still be action borrowers can take amid the coronavirus crisis.
"The big one is, lots of people - I think it's over one million - are on their Standard Variable Rate.
"This is the rate most mortgages revert to after say, a two-year introductory period or a five-year introductory period. And these are normally very high rates.
"For lots of people, it's going to be cheaper switching to a cheaper mortgage, or remortgaging as it's known in the trade.
"The only thing is, it was always tough to get a mortgage. You needed to not miss any payments on any type of bill, you needed to have a certain amount of equity in your property to get the best deals."
He continued: "It's got even tighter since coronavirus. That was the worry, that not everybody could pay off their mortgage hence why some people are taking payment holidays.
"So they really will interrogate your finances. You're probably on the phone for a couple of hours doing your application," Mr Anker added, as he pointed out that thousands of pounds could potentially be saved.