Many Brits overpaying mortgage


A high number of Britons have been overpaying their mortgage repayments in recent years, new research has found.
Carried out by Moneysupermarket, the study revealed 23 per cent of borrowers have been able to do this during the three years since the Bank of England base rate fell to a record low of 0.5 per cent.
According to the report, around one-quarter of customers have benefitted from the reduced payments in this time period, with 43 per cent of these using the extra money to cover the rising cost of living and to settle soaring utility bills.
Clare Francis, mortgage spokeswoman at the price comparison site, stated: “Whilst [the] base rate is not expected to rise in the immediate future, it is clear borrowers have got used to lower repayments.”
The industry figure pointed out people are likely to find their finances are significantly impacted should there be any change in the rate during the coming months.
She observed some homeowners may not have to wait long until their home loan payments begin to escalate, especially following news that Halifax is increasing its standard variable rate from 3.5 per cent to 3.99 per cent.

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