Charcol urges borrowers to keep paying higher rate

Borrowers who maintain their repayments at last year’s high point could pay off their mortgage two years early following two rate cuts in the past few months. Katie Tucker, technical manager at Charcol.co.uk, says: “For many people, the mortgage is what dictates when you can retire. 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.” She says borrowers on variable rates will have seen their monthly repayments on a £100,000 mortgage increase from an average of £555 ...