Homeowners Looking to “Overpay Mortgage”

Despite the financial fears that the credit crunch has bought us, such a decrease in disposable income, it appears that not everyone is battling with their finances, as many homeowners are planning to clear their mortgage debts quicker.

Research by Abbey Mortgages shows that 12% of homeowners are looking to overpay their mortgage in the next 6 months, so that they can control their own debt management issues. This figure is surprising, as it compares to the 4% who are taking a payment holiday or are underpaying their mortgage due to their financial problems.

Phil Cliff, Director of Abbey Mortgages, said: “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.”