'Increasing number of consumers repaying homeowner loans'
Published On 27 February 2007
The number of consumers paying back their homeowner loans is increasing, according to latest research.Data from mform found there was a 69.64 per rise in the number of mortgage capital repayments between 2001 and 2006.
However, concerns have been raised that the number of people with interest-only mortgages during the same period rose by a third last year, leading to concerns over how borrowers intend to clear their homeowners loans.
Eammon Rice, chief executive of mform, commented: "These findings are encouraging because although interest repayments are rising people are increasingly trying to pay off the capital they owe on their homes with the aim of becoming mortgage free as quickly as possible."
Mr Rice added that people should shop around to ensure they find the most competitive homeowner loans.
The news follows research from Moneyexpert.com that about six million Britons have taken out debt consolidation loans in the past three years.
