8
Feb
Stick with the payments and 'own your home sooner'
Homeowners are being urged to keep up to date with their mortgage
payments so that they can own their home outright sooner.
Broker John Charcol is advising householders to maintain higher
payments in order to reduce their mortgage term before they
retire.
Borrowers who have been able to afford mortgage payments over the
last year should consider keeping them level now, "because whatever
isn't paying interest will pay off the capital instead", said Katie
Tucker of Charcol.
"Now that bank rate has started falling, just keeping their
mortgage payments up at the level they are now used to, they could
reward themselves with an early finish to their mortgage.
"By paying it off even a few years early it can make a difference
to your quality of life not only because of age, but because of the
money you free up to spend on other things."
Council of Mortgage Lenders spokesperson Sue Anderson told Channel
4's News at Noon that Ms Anderson said that the housing market
prognosis "isn't nearly as gloomy as is being painted out there
some of the time".
