Debt management reflected in mortgage overpayments
Debt management reflected in mortgage overpayments
Tuesday 16th February 2010
The findings, by Co-operative Bank Mortgages, reveal that 62 per cent of mortgage holders have set the target, and that just over a third would use the extra money to save for retirement.
Over half of the respondents said they would go on more holidays if they were mortgage free, and a quarter would either work part time or finish working altogether.
Many homeowners have been making mortgage overpayments, according to the study, taking advantage of low interest rates and reducing the term of their mortgage to free up disposable income.
Commenting on the findings, head of mortgages at the Co-operative Bank James Hillon said: "The research clearly shows that many mortgage holders are looking to take advantage of the low interest rate environment by making overpayments.
"Since the launch of our capital repayments pilot scheme we have had a significant interest from customers and as a result we are continuing to monitor the scheme in detail, with a view to looking at rolling out the scheme to more customers if successful."
According to research by Barclays, more than half of people feel the recession has not negatively impacted their savings habits during 2009, and 17 per cent are actually saving more as a result.
Those within the 16 to 24 age group are making the biggest commitments to their finances, with 67 per cent stating their savings have not been impacted by the recession and a quarter increasing their saving levels as a result.
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