Mortgage advice: 'Take advantage of low interest rates'

07-Dec-2009

Those looking for mortgage advice could take advantage of current low interest rates in paying off their home loan, the Council of Mortgage Lenders has said in news which might interest first-time buyers assessing their financial situation.

Spokesman Bernard Clarke suggested homeowners looking to overpay on their mortgages in the hope of repaying the debt earlier than expected could "continue to pay [their] mortgage at the level that prevailed before rates were cut".

Mr Clarke's comments were in response to a survey by the Independent, which said British mortgage lenders - including HSBC and Lloyds - were claiming record numbers of homeowners were looking to overpay their home loans, despite the Bank of England attempting to boost the economy through low interest rates.

"If you're a borrower who's on a variable interest rate and you've seen your borrowing costs reduce… you may decide to overpay your mortgage in order to clear the commitment earlier than you anticipate," Mr Clarke added.

At the start of the month, Co-operative Bank Mortgages revealed there had been a 56 per cent year-on-year increase in numbers of customers overpaying their mortgages.

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