Why do mortgage holders save ?
Headlines this month...
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Tracker mortgages good bet17th May 2012
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Whats a garage worth ?17th May 2012
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House prices fall by 0.6%17th May 2012
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Housebuilders return to profit7th March 2012
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Changes in lending criteria7th March 2012
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Rush to avoid stamp duty7th March 2012
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Repossesions hit new low7th March 2012
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Why do mortgage holders save ?7th February 2012
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Video helps search engine traffic7th February 2012
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HSBC impose solicitors on vendors7th February 2012
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Buying cheaper than renting ?7th February 2012
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East of Exe selected for pilot24th January 2012
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Welfare not covering rents9th January 2012
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Stamp duty latest9th January 2012
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Solar PV - the latest news9th January 2012
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Increasing reliance on credit9th January 2012
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Sellers & the economic downturn9th January 2012
Tuesday 7th February 2012
Online bank, First Direct, has just released research indicating that homeowners are more likely to save spare cash rather than using it to pay down their mortgage more quickly.
According to the bank, a survey of 1022 UK mortgage holders revealed that 42% are regularly saving with only half that number regularly overpaying on their mortgage. This is despite the fact that the economic downturn has badly affected interest rates. It may have something to do with the fact that a third of those surveyed didn’t know what interest rate they were paying on their mortgage and a quarter didn’t know whether they were allowed to overpay their mortgage. Ironically, when savers were asked what purpose they might use their savings to for, almost half said to pay off their mortgage.
