UK households paying off mortgages can reduce their payments by £500 a month, it has been revealed. Holly Andrews, Managing Director at KIS Finance, has shared a basic technique that could significantly reduce outgoings.

Data from the Office for National Statistics shows average mortgage costs have continued to increase faster than wage growth, causing many Brits to struggle.

Ms Andrews, Managing Director at KIS Finance , said: "Your lender can switch you to interest-only payments for six months. This means you'll only pay the interest portion rather than reducing the principal amount. Most people don't realise how significant the savings can be.

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"You can call your bank or lender to discuss this option r

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