1 Get switched on "Satisfy yourself that you have got the best mortgage product on the market, " recommends John Drinane, a manager in AIB's mortgage team. "If you're a first-time buyer there are certain products that will suit. Your options increase as you build equity in the property. It's down to looking at the features of each product."

"There is a lot of mortgage-switching activity going on but not as much as would be expected, " says Michael Dowling, president of the Independent Mortgage Advisers' Federation. "Moving your mortgage is not a simple process. You have to research the market which involves going to 14 different banks or going through a mortgage broker, which is a free service and your broker has a vested interest in getting you the best deal as they only get a fee if the mortgage is drawn down, " he says. "You have to fill out application forms and gather documents. A minimum of eight and up to 14 documents is required to accompany an application. You also have to change your life insurance and fire insurance and engage a solicitor. All that can be daunting if you're doing it directly. It's also time-consuming, and a lot of people don't take it further if their bank offers them a slightly different rate."

However, it's "absolutely" worth the time and effort, Dowling believes. "The dearest variable rate today is 4.78% and if you can get a rate of 3.75% with National Irish Bank, you're saving 1% which is a 55 monthly saving on a 100,000 mortgage of a 30-year term and 165 monthly on a 300,000 mortgage."

2. Fix it If you've a sizeable mortgage or are in the early stages of home ownership, consider fixing some of the loan, advises Drinane. "Typically you will pay a premium, but it provides peace of mind."

3. Take a balanced approach Richard Morton, director of Moneywise, recommends the First Active currentaccount mortgage, which takes the balance in your current account off the remaining mortgage when calculating the interest. "All the while, the balance in your current account remains accessible, " he says. "It can reduce the term of your mortgage while not making any extra repayments."

4. Make overpayments Consider paying a fixed monthly amount on top of the required mortgage repayment. If you increase your repayments you won't pay as much in the long run.

Those who can overpay on a regular basis could consider rescheduling the term of their mortgage.

5. Split the incidentals If you insist on putting your SUV or plasma-screen TV on your mortgage, split it, Dowling advises. "Link the borrowing into the useful life of the commodity. If your mortgage term is 25 years, put the SUV over five years and the plasma screen over one year."

6. Get advice from your lender If you're under repayment pressure, rather than jumping into extending the loan, take stock of all outgoings and approach your lenders sooner rather than later, Drinane suggests.

"The earlier you move, the more options will be open to you, " he says. If mortgage repayments are particularly high or proving painful, or might cause problems when rates increase even more, interest-only for a period could be an option, says Morton. Some first-time buyers choose interest-only for the first year due to the hefty initial costs in being a new homeowner, Morton says. "This clearly doesn't give you any saving, in fact in the long run it costs you more, " he points out. "In the short term, however, it brings down the outgoings.

Most lenders will not allow you to be on interest-only for more than a few years.

However, the mortgage needs to be paid off at some point, so it's not advisable for more than a year or two, unless you plan to use something like a pension plan alongside it to pay off the mortgage down the line."

7. Rent a room Single people who have a spare room can put it to work for them by renting it out. "You can rent out a room without paying tax up to a limit of 7,200 a year, " Dowling says. Families could consider taking in students during Easter or summer holidays or midterm breaks, he remarks. With up to 300 and 400 being received weekly, this is one way of generating extra income.

8. Reduce the term of your mortgage Paying the mortgage as speedily as your cashflow allows will cut costs, says Drinane. While using your SSIA money, inheritance or bonus to pay off your mortgage may not make the optimum use of your cash, as mortgages are a cheap form of credit, it can be sensible for the self-employed or those on short-term contacts, Drinane says.

However, if you've a low mortgage, it might be better to leave it alone and retain interest relief. Consider using even small amounts of cash to pay off the mortgage on either an irregular or regular basis but ensure your lender is kept in the loop. A relatively small amount of money paid out of course early on in the mortgage can have a big multiplier effect, Drinane remarks.

9. Don't be afraid to ask:

'Is that the best you can do?

"Ask your bank about the fee structure with your current account. Seek a discount if you pay cash or if you're paying now and the product will not be ready for a few months, " advises Dowling.

And always check the small print! "Be aware of introductory or 'discounted' interest rates, " counsels Morton. "While they can be very attractive, people need to be aware that they are usually only available for the first year or two, after which you could revert to a rate which is higher."

10. Plug leakages and put what you spend on incidentals into mortgage repayments Do a big weekly shop in a supermarket rather than nipping into your convenience store where goods come at a premium.

Your love of lattes and designer sandwiches could be costing you dearly . . . a coffee at 2.60 a pop five days a week adds up to 676 a year . . . and could be addressed by investing in a thermos and making your own lunch. If eating out is your vice, set up a food circle with friends.

Tending to your tresses can also burn a hole in your pocket. Avoid city centre or highstreet salons and check out the prices in the suburbs or sign up as a model in a training school.

Book and magazine spending can be curtailed by joining your local library.

Suss out the cheapest locations to purchase petrol and fill up there. See if you can secure a cheaper premium for household and health insurance by shopping around.