Homeowners look to improve their mortgages - Mortgages - News - Moneyfacts


Homeowners look to improve their mortgages

Homeowners look to improve their mortgages

Category: Mortgages

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

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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.