Mortgage borrowers 'should take advantage of low interest'
Britons who own their home have been advised to use this time of low interest rates in order to pay off more of their mortgage loan.
Bernard Clarke, a spokesperson for the Council of Mortgage Lenders, said a borrower on a variable interest rate who has seen their borrowing costs reduce as a result of reductions in base rates "may decide to overpay your mortgage in order to clear the commitment earlier than you anticipated".
He added that this could be achieved by paying off their mortgage at the same level as before rates were reduced.
However, Britons yet to take their first steps on the property ladder may still find it difficult to secure mortgage finance.
With this in mind, people may find that flats to rent in Kensington or another part of London are cheaper than properties for sale in the same area.
The Independent recently reported that Britain's biggest mortgage lenders say more and more of their customers are choosing to overpay on their home loans.
Written by Andy Britten
Published 7th December, 2009
© 2009 Estates IT Limited
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UK homeowners have been advised to take advantage of low interest rates in paying off their mortgages, although those yet to climb the property ladder may find renting is more affordable.