Halifax: Checking mortgage details 'crucial'
www.moneynews.co.uk > Mortgages > Halifax: Checking mortgage details 'crucial'
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Halifax: Checking mortgage details 'crucial'
Thu 5th Apr 2007
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According to Paul Fincham, a spokesperson for Halifax, displaying a careful attitude towards mortgage repayments was important because early repayment charges apply to overpayments as well as closing a mortgage.
Halifax believes that paying off a mortgage as swiftly as possible is particularly important during the current period of relatively low inflation.
Commenting on Halifax mortgages, the group also said that borrowing heavily made financial sense in the 1970s and 80s when inflation was high, with debt levels staying fairly similar in low inflation economies.
Tax incentives for hanging on to a mortgage have also reduced, with mortgage tax relief having been scrapped in 2000-01.
Mr Fincham said: "Generally paying more on top of your monthly minimum mortgage payment [on a Halifax mortgage] is a very good idea and even a small amount over the years will make a big difference and save you quite a bit in helping to reduce initial capital and paying off the interest."
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Related News : Halifax |
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