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Homeowners making mortgage overpayments
29 August 2008
A new study has found that an increasing number of homeowners are making an overpayment on their mortgage despite the current economic climate.
Research by Abbey revealed that 12 per cent of people are planning to make an overpayment on their mortgage compared to just four per cent of those who will take a payment holiday or make underpayments.
Phil Cliff, director of Abbey Mortgages, said: "A large proportion of mortgages offer borrowers flexibility and the research shows that many people are planning to take advantage of these benefits."
According to Mr Cliff, homeowners are still trying to get the best mortgage deals despite the credit crunch squeezing incomes.
"Having a smaller mortgage can mean you get a better deal when you remortgage and of course reduces future monthly outgoings," he added.
The Council of Mortgage Lenders reported in August 2008 that the average homebuyer put down a 22 per cent deposit in June 2008, up from 20 per cent in May.
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