Now maybe the time to think about overpaying on your mortgage so that you can take advantage of the Bank of England base rate remaining at its record low level.
You certainly wouldn`t be alone in doing it either, after Santander revealed that a third (34 per cent) of all mortgage payers are making some form of overpayment at present, be it on a monthly basis or through one-off payments.
However, the lender also found that a quarter (23 per cent) of homeowners don`t know if their current policy allows for extra payments, while almost one-in-ten (eight per cent) indicated that they knew that overpayments would cost them.
For people like this, it may be worth looking at your mortgage agreement and seeing what you are allowed to do. Many allow up to 10% to be overpaid each year without penalty. If you are thinking of leaving your mortgage company, remortgaging or moving home then you may want to talk to a mortgage broker with a wide choice of lenders who can give you help and advice on getting a new mortgage, such as one which allows larger overpayments or has a lower rate.
Get a no obligation free quote by visiting firstchoicefinance.co.uk or by calling us on 0333 003 1505 or 0800 298 3000.
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