1. Beat your lender's SVR

Don't languish on your lender's standard variable rate when you could save hundreds of pounds a month by re-mortgaging. Take out a fixed term loan with lower interest rates, while being sure to check if there are fees involved in switching. Moving from a typical SVR of 7.50 per cent to Cheshire's two year fixed rate at 5.45 per cent would save you £191.83 a month or £4,603.90 over two years on a £150,000 mortgage, even after paying Cheshire's £499 arrangement fee. Monthly payments would drop from £1,108.49 to £916.66 on this deal, which is based on a repayment mortgage over 25 years. Click here to read ten things to know about re-mortgaging.

2. Be prepared

There's not much you can do if you are on a fixed rate mortgage to cut your repayments in the short term. It is likely you are tied in to the mortgage by early repayment charges. However, there is plenty you can do to ensure you keep costs down when the fixed term expires. The first is to make a note of when your fixed-term is going to come to an end, at which point you are likely to move to the SVR. Then, two to three months before your fixed rate expires, start shopping around for other deals. Ask your existing lender what other deals they can offer and try looking elsewhere, or enlisting the services of a broker. Remember that every month you spend on SVR is going to cost you.

3.Tricks with a tracker mortgage

If you are on a tracker mortgage, you can investigate the possibility of looking elsewhere for a better rate of interest. However if you are tied in the penalties might not mean it is worthwhile moving. If you have savings, one solution might be to "overpay" to reduce how much you owe. Again, there may be penalties for doing this. Most lenders will allow you to overpay by 10 per cent of your outstanding mortgage debt a year - or around £15,000 on a £150,000 mortgage. Doing so will reduce how much you owe overall, as the interest rate would then be calculated on a lower loan and your monthly repayments will come down. For example, assuming you have a £150,000 tracker mortgage with Abbey, which currently has an interest rate of 5.24 per cent (0.26 per cent below the base rate) for two years, you can make a one-off overpayment of £15,000, which would reduce your debt to £135,000 and cut your monthly payments by £90.

4. Take a payment holiday

If you are really struggling with your mortgage, your lender might allow you to defer one or two month’s payments. However, this should only ever be a last resort because your debt will still be accruing interest during the payment holiday so in the long run you will end up paying more. If you have ever made overpayments on your mortgage, some lenders will allow you to use this extra cash to fund a payment holiday.

5. Extend the length of your loan

Drastic times call for drastic measures. It may seem counter intuitive but one option may be to extend your mortgage contract. This will instantly reduce your monthly repayments. However, it is not an ideal option as you will end up paying more in the long run. James Cotton from London & Country, the mortgage broker, says: "Extending the life of your mortgage should only be considered a short term measure. However, it is preferable to going into arrears".

6. Take out an interest-only deal

If your repayments currently go toward paying off the capital amount and paying interest, consider switching to an interest-only mortgage. As the name suggests, your repayments will go toward paying off the interest, rather than the capital amount. Again, this will cut your monthly repayments in the short-term, but you may not end up saving in the long run.

7. Cut out the middleman's fees

Using a broker can help you to find the best deals. Brokers know the market and some have the power to negotiate exclusive deals at low rates. For example, BM Solutions has a broker-only tracker mortgage for borrowers looking to take out a large loan (up to £5 million) at an initial low rate of 4.99 per cent (0.51 per cent below the bank rate for two years) with a £1499 fee. While brokers make their money by charging a commission from the lender, some also demand a fee from the borrower, which can be as much as 1.5 per cent of a standard mortgage. As such, it pays to have a look around for fee-free brokers. London & Country is one that does not charge a fee for their service. They can help you to find the best deal at no added cost.

8. Put your savings to work

Do you keep a large balance in your savings account while your mortgage debt stretches interminably into the future? It may be time to consider an offset mortgage. Intelligent Finance, the online arm of Halifax and one of the market leaders when it comes to offset mortgages, suggests one in three people would be better with this kind of loan. An offset mortgage allows you to use the interest earned on credit balances to reduce your mortgage and bring forward the date it can be completely paid off. IF offers an offset tracker at 0.34 per cent above base rate for the life of a 25 year mortgage. Offsetting £15,000 in savings would save you £40,850 in interest and cut your mortgage term by three and a half years. Most offset deals work by keeping your monthly payments the same, however, IF do give you the option of reducing your monthly payments. Compare the best offset deals here.

9. Do your homework

Before you approach a lender or broker, look at some of the best buy mortgage deals available on Timesonline's Money section at www.timesonline.co.uk/mortgage . You can work out the monthly repayments on your loan using Moneyfacts' mortgage calculator at www.moneyfacts.co.uk

10. Take in a lodger

The Government’s rent-a-room scheme allows homeowners to earn up to £4,250 a year tax-free from a lodger. This extra cash could come in very handy if you are struggling to meet your mortgage repayments although you should check with your lender that the terms of your mortgage allow you to take a lodger. For more information on the rent-a-room allowance click here.

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