50% increase in mortgage overpayments

Additional research, carried out on behalf of the lender, also reveals people's motivations behind making overpayments. The findings show that the vast majority (80%) of those people currently making overpayments are doing so because they feel it makes financial sense, due to the low return on savings rates at the moment. The results also highlight that over a third of people are paying off extra on their mortgages because their rate has fallen due to falls in base rate (37%). And almost one in 10 people making overpayments are hoping to secure a better mortgage deal, by increasing the ...