Many mortgage holders 'are saving'

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Many mortgage holders 'are saving'

Twice the number of mortgage holders across the UK are using any excess funds to add to their savings rather than paying down their borrowings, it has been revealed.

According to research carried out by first direct, despite figures showing it is more rewarding to pay off mortgages than to save in the present financial climate, 42 per cent of holders are saving regularly compared to 21 per cent who say they are overpaying on their mortgage.

Richard Tolchard, senior mortgage manager at first direct, commented: "People continue to try to put some money to one side and mortgage holders are no different in also wanting to pay down their loan.

However, as this study shows, more often than not they choose to feed extra money into a savings account, he added.

The news follows comments by Ben Wilkie, editor at What Mortgage, who recently argued that many people are being attracted to longer-term mortgages in the present financial climate.

He argued that people believe the present state of record-low interest rates will not hold for much longer and they are therefore looking to lock in their rates.

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