HSBC mortgages: Overpay and save thousands
www.moneynews.co.uk > Mortgages > HSBC mortgages: Overpay and save thousands
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HSBC mortgages: Overpay and save thousands
Thu 22nd Jan 2009
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Martijn van der Heijden, head of mortgages at the bank, said tracker customers - who will have seen their rates fall over the last four months - could take years of their term by maintaining their original repayments.
"Overpaying their mortgage could reduce its term by years and save them thousands of pounds in interest," he said.
Mr van der Heijden's advice comes after moneysupermarket.com head of mortgages Louise Cuming recently suggested that overpayments on mortgages would benefit Britons approaching retirement with a limited-sized pension pots, because of the savings on interest charges.
Last month the Bank cut interest rates by 50 basis points to 1.5 per cent, the lowest level in history.
But Mr van der Heijden warned borrowers not to become accustomed to lower mortgage payments, or they could be in for a shock when the base rate increases in the future.
Click here for more mortgage news
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Related News : HSBC |
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