I imagine that by the time you are reading this, most new year’s resolutions will have fallen by the wayside. If the gym the diet and the juicer didn’t quite make the end of January, then make February, the month the month you slim down your mortgage payments.

Firstly, the average borrower can make significant savings by switching their mortgage to another lender. As 2017 starts, mortgage rates are still at record low levels and borrowers are saving thousands by switching to another product.

If your discounted or fixed-rate mortgage is nearing its end date, your lender will probably get in touch offering you a number of different deals so that you don’t go elsewhere. Nevertheless, even though some of these deals could look tempting, it’s in your interest to look around to find the very best deal for yourself. You’ll also find that, often, lenders keep their best mortgage rates for new customers, which is another reason it can pay to go elsewhere.

Most lenders contribute to the re-mortgaging costs and the process is really not as complicated as people think –as long as you have a good broker acting for you.

Many economists are predicting 2017 will be the year those record low mortgage rates start to rise again, in fact longer fixed rates have already started to rise.

Once you have got yourself a great deal on your mortgage, why not take advantage of the new lower payments and start making overpayments if you are in a position to do so.

This will reduce your overall interest costs and means you repay your mortgage quicker. Generally, lenders let you pay up to 10% of your balance in overpayments per annum with the minimum lump sum repayment usually between £500 and £1,000.

So let’s make February the month everyone takes a look at their mortgage with a view to reducing their payments, and getting their mortgages repaid earlier. If that fails – there is always dry February!

To speak to a mortgage adviser, contact us on 01628 507477.

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• Should I Overpay My Mortgage?