Credit crunch could cut years off mortgages
January 21, 2009 by Brendan O'Neill
News
The recent falls in the Bank of England’s base interest rate could mean a saving of thousands of pounds and cut years off mortgages for many people.
As the BoE’s Monetary Policy Committee has consistently cut interest rates this year, which are now at a record low, thousands of people on tracker or variable rate mortgages will have seen their monthly mortgage payments fall as a result.
If these borrowers continue to make the same mortgage payment despite the fall in interest rate, then they will benefit through potentially paying off their mortgage years early.
This has the added benefit of adding additional equity to the person’s home. Mortgage overpayments are a great idea for anyone who does not have a decent pension pot in place too.
Written by
Brendan O'Neill
You may also interested in:
New recruits announced by April Mortgages
April Mortgages has begun the new year by announcing three new appointments, as it prepares for what it expects to be 12 months of significant growth.
Atom Bank planning expansion following relocation
Atom Bank has announced that it is planning to add to its mortgage teams, in the wake of
