Brits urged to overpay mortgages

Borrowers are on course to overpay their mortgages by a record amount this year. An average of £1.81bn of mortgage debt was overpaid each month from January to August - nearly a quarter more than the £1.46bn monthly average for 2020. If borrowers continue to make such repayments for the rest of the year they will overpay £22.2bn; nearly 20% higher than the record £18.6bn overpaid in 2007. According to research by Halifax, Britons should capitalise on overpaying their mortgages, as the £200bn boost in the UK's savings during lockdown could cut down thousands in interest and months off a term of a mortgage. Halifax has urged individuals to take a “once in a lifetime opportunity” to redirect their cash towards mortgage overpayments. 

The Express (16/10/2021)   The Sun (16/10/2021)   The Times (16/10/2021)