Homeowners who are paying off a UK mortgage debt would be "very sensible" to increase their payments in the current economic circumstances.
According to Catherine Hearnden, director at MyMortgageDirect, if borrowers can afford to, they should.
"The [interest] rates are at an all time low. The way that a lot of people have overpaid is they have just kept their standing order or direct debit the same and, as a result of that, they have overpaid," she pointed out.
"I think they should carry on for a while because even if rates go up, it is still going to be very low. Unless their circumstances have changed considerably, they should really try and be paying what they were paying at the beginning," she added.
Ms Hearnden's comments come after research from Moneybasics found almost one in three (29 per cent) mortgage holders paid more than their minimum required payments in the last year.
Mortgage Rate & Home Loan News
Friday, 11 March 2011
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