Despite the soaring cost of living and escalating household bills, more than one in 10 mortgage holders (12 per cent) are planning to make an overpayment on their mortgage over the next six months according to new research from Abbey Mortgages.
The research suggests that paying off the mortgage remains a top financial priority for people and despite a tough economic environment, only a very small number of people are taking a payment holiday (three per cent) and even fewer are planning to free up extra cash and make an underpayment (one per cent). The Abbey study also found that one in 10 mortgagees will be looking to change their mortgage over the next six months. Phil Cliff, Director of Abbey Mortgages, commented: "A large proportion of mortgages offer borrowers flexibility and the research shows that many people are planning to take advantage of these benefits. It's great to see that people are quite rightly prioritising their mortgage payments ahead of other financial commitments - having a smaller mortgage can mean you get a better deal when you remortgage and of course reduces future monthly outgoings."
Date: 27th, August, 2008
Author: Ben Wilkie
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