You are here: Home - News -

Buyers want shorter term not cheaper repayments

by:
  • 14/01/2002
  • 0
Half of homeowners in the UK would prefer to reduce the overall repayment term on their mortgage rat...

Half of homeowners in the UK would prefer to reduce the overall repayment term on their mortgage rather than reduce the amount of monthly payments, according to research from Charcol and MORI.

Alison Cooley, PR manager at Charcol, said: ‘Many borrowers don’t need to trim their monthly repayments, they’re just after a better deal. By continuing to make the same monthly payments, but at a cheaper rate, the long-term savings can easily run into tens of thousands of pounds, and the mortgage can be repaid months or years earlier. Our research shows this is an idea that, when people stop to think about, they understand and like.’

The research surveyed more than 2,000 adults in the UK. Figures were based on someone paying a typical SVR of 5.85% and remortgaging to Northern Rock’s 3.99% fixed rate mortgage to 01/04/04, with a maximum LTV of 75%.


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Onwards and upwards

Despite problems in the global economy, house prices in the UK will continue to rise over the next 12 months,...

Close