Consumers 'want more flexibility' from mortgage deals
Published On 2 April 2007
More and more people with mortgages want a loan that allows them the flexibility to choose to pay more off when they want to, according to new reports.Figures published by Intelligent Finance suggest that three quarters of mortgage holders want to reduce their mortgage term or increase their payments to decrease their final balance over time.
With more than a third of mortgage holders saying that making their monthly repayments is their biggest financial worry, the figures suggest that half of all borrowers believe that their current deal is too restrictive.
Instead of their current deals, three quarters of people say they would like the option of paying more back to reduce their final payment and 20 per cent would like to be able to reduce their monthly payments.
"We now have a new generation of mortgage holders who view their finances holistically and want more flexibility and the option to pay off their mortgage as soon as possible, rather than go on borrowing into old age," explained Mark Parker, the managing director of Intelligent Finance.
"Offsetting delivers exactly this. We're putting mortgage holders firmly in the driving seat, right where they belong."
Recent figures show that 11.7 million people in the UK have a mortgage and that people typically spend 16 per cent of the monthly income servicing their mortgage.
