One in four borrowers uses low rates to double repayments

Around one-quarter of all homeowners are using low interest rates to increase their mortgage repayments, suggests research commissioned by the Council of Mortgage Lenders. In some cases, borrowers have managed double their regular monthly repayments or pay one-off lump sums to reduce their mortgage. However, just as many people are still borrowing money against their existing mortgages to either pay off other loans or purchase goods. Nearly one in five flexible borrowers has used the facility to "draw down" equity from their home, says the CML, usually by withdrawing a singl...