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Mortgage holders overpaying up by half

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by David Masters
Mortgage holders overpaying up by half

The number of mortgage holders making overpayments has increased by half, research by the Co-operative Bank has discovered.

Low return on savings, because of recent falls in interest rates, is the main reason for the overpayments, with 80% of overpayers citing this as the key motivation for their decision.

In addition, the Bank of England’s base rate cuts have improved the mortgage deals available, making it viable for many people to overpay. Thirty seven percent of overpayers cited this as a factor in their decision.

Co-operative Bank’s head of mortgages, Terry Jordan, said: “Providing their mortgage allows the flexibility to overpay, at the current time it can make real financial sense for customers to make even small monthly overpayments, as these can really add up to a large difference over the lifetime of the mortgage.”

Co-operative Bank was recently rated as the best savings account provider in a Which? consumer survey.

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News posted: February 27, 2009

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