• From This is Money:

    The figures, compiled by professional advice website Unbiased.co.uk, show that just 20% of those with tracker mortgages have held their repayments at the same level they were at before interest rates started to fall.

    Instead 19% of the 2,026 people surveyed said they were spending the extra cash on day-to-day expenses or treats, while 24% said they were using the cash to repay other debts.

    One in five people said they were paying the money into a savings account and 7% said they were leaving it in their current account to build up a surplus.

    ‘Such action would enable many thousands of borrowers to take years off their mortgage repayment term, or enjoy a greater level of repayment comfort down the line, should the economy take longer to recover….

    Click to read the full article »

    Posted by Jon @ 4:02 am

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