Increase in mortgage overpayments

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Increase in mortgage overpayments

Banks have said that there has been a rise in the number of homeowners overpaying their mortgage loan, as they have decided to take advantage of the drop in the interest rate and use the additional money to overpay on their mortgage.
Borrowers have found that by keeping their repayments the same even though interest rates have dropped they could cut years from their mortgage term and could also save thousands of pounds in interest. Banks are advising customers to overpay wherever possible to save money and get out of debt quicker.
The Council of Mortgage Lenders has said that those people that were making these overpayments would quickly see the benefits, and said that it was a very sensible practice. The CML also said: “Now is also a good opportunity for borrowers on interest only mortgages to switch to repayment mortgages to use this period of low interest rates to start to pay down their loans.”

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

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