People should aim to overpay on mortgages, says MyMortgageDirect
www.moneynews.co.uk > Mortgages > People should aim to overpay on mortgages, says MyMortgageDirect
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Money News |
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People should aim to overpay on mortgages, says MyMortgageDirect
Mon 7th Mar 2011
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Director at the firm Catherine Hearnden claimed that even if the base rate rises a little, it will still be relatively low in comparison with previous years.
She said that people should only cut down the amount they pay if their circumstances have changed significantly.
In her opinion, it is a sensible idea for individuals to overpay for as long as they can.
Ms Hearnden added: "The way that a lot of people have overpaid is they have just kept their standing order or direct debit the same and, as a result of that, they have overpaid."
Her remarks were made in response to research by Moneybasics showing 29 per cent of mortgage holders paid more than their minimum payment over the past year.
The study indicated interest-only customers were more likely than capital repayment plan clients to go through with such transactions.
Click here for more mortgages news
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