The majority of mortgage holders across the UK would like to increase their mortgage repayments in order to reduce overall interest, according to the latest financing research.
A study from Intelligent Finance, a division of banking institution Halifax, shows three quarters of people with mortgages would cut their mortgage term or increase monthly repayments given the opportunity.
Meanwhile, half of mortgage holders have admitted they find their current mortgage arrangement restrictive.
Following on from the financing study, Intelligent Finance has unveiled a new self-service element to its offset mortgage range, which entitles customers to reduce the mortgage term or monthly repayments as desired.
"We now have a generation of mortgage holders who view their finances holistically and want more flexibility," explained Mark Parker, managing director of Intelligent Finance.
"We're putting mortgage holders firmly in the driving seat - right where they belong."
Offset mortgages work by offsetting the mortgage against the level of savings held by the homeowners.
Consequently, if a homeowner has a large amount of savings stored away, their mortgage will be reduced and they will have to pay back a smaller sum overall.
Mortgage holders demand flexibility, financing study reports
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Mortgage holders demand flexibility, financing study reports
Fri, 30 Mar 2007
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