Financing study updates that mortgage holders are changing repayment plans

30/03/2007

Throughout the United Kingdom there are many mortgage holders who are thinking of increasing their mortgage repayments simply to decrease their high monthly interest rate, this data was revealed by finance study updates.

Intelligent Finance had investigated further, the banking institution Halifax, clearly states that 75 per cent of people currently with a mortgage would like to adjust their mortgage term or add a greater lump sum each month to reduce interest rates.

Many mortgage holders have justified that the mortgage deal they are with restricts them from adjusting their current deal.

Through gathered data intelligent Finance has opened a new self-service component to the offset mortgage availability, this giving customers a chance to decrease their current mortgage term and change monthly repayments with out any restrictions.

Mark Parker, director at Intelligent Finance comments, "We now have a generation of mortgage holders who view their finances holistically and want more flexibility," "We're putting mortgage holders firmly in the driving seat - right where they belong."

However, a homeowner may have great savings over years, the mortgage would be decreased and the homeowner would have to pay off a sum but on a smaller scale if they decided to change their plan.

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