Unbiased.co.uk advises mortgage payments

Date:Tuesday 22nd September 2009
Author: Susanna Kavka

Unbiased.co.uk has told borrowers to take the opportunity to make larger mortgage repayments while the interest rates are low.

David Elms, chief executive at the comparison site, pointed out that the Bank of England base rate is at an all-time low at the moment, so by spending more on their monthly payments, people will be paying off more of their mortgage.

He noted that this can take years off of a mortgage for many borrowers and is an opportunity that more people should be taking advantage of.

"However, we're encouraged by the large number who are using their repayment savings to erode their more costly credit card and personal loan debts," added Mr Elms.

Research by Unbiased.co.uk indicated that 53 per cent of people on low-interest rate tracker mortgages are not making overpayments to take advantage of the situation.

The organisation recently reported that there had been growth in the number of first-time buyer enquiries in July, which made up 43 per cent of the total requests that they received.