Homeowners look to improve their mortgages - Mortgages - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Homeowners look to improve their mortgages

Homeowners look to improve their mortgages

Category: Mortgages

Updated: 12/06/2012
First Published: 12/06/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
People in the UK remain focused on their finances with more than one in 10 planning to get to grips with their mortgage over the next 12 months.

Conditions in the economy remain difficult but Britons are still carefully monitoring their options, according to Clydesdale and Yorkshire Banks.

And it is the Midlands where homeowners are keenest to improve their situations, with almost one in five planning to remortgage, pay-off or make overpayments to their mortgage in the next 12 months.

In recent years, many people have benefitted from small monthly repayments because of the low base rate, meaning they have been able to significantly overpay their mortgages.

Homeowners are able to reduce the length of their mortgage and save thousands of pounds in interest by overpaying or paying off their mortgages early.

Those with mortgages in Yorkshire are also looking to improve their mortgage situations, with 16% saying they will look to remortgage, pay-off or make overpayments to their mortgage in the next year.

"A mortgage is the biggest financial commitment that many people have and we welcome this research which shows that 11% of people in the UK are focused on their mortgage arrangements," said Steve Reid, director for Clydesdale Bank.

"People often only think about changing mortgage when they move but even those that are very settled in their current home can remortgage to ensure they have the best mortgage for their needs."

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Building societies winning the mortgage rate war

Competition is fierce in the mortgage market, and borrowers may assume that the rates from banks will be significantly lower than those elsewhere. However, things aren’t as they seem, as building societies are the winners of the mortgage rate war.

Homemover numbers fall for first time since 2011

The mortgage market enjoyed a record year in 2016, so it may come as a surprise to hear that the number of people moving home has fallen for the first time in five years, with fewer apparently taking advantage of the market.

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.
 
Close