Mortgage holders saving rather than paying down debt

Mon, 30 Jan 2012

Mortgage holders in the UK are choosing to save rather than pay down their .

This is according to new research from First Direct, which showed 42 per cent of homeowners are placing money to one side on a regular basis.

According to the findings, this is double the 21 per cent who claimed they consistently overpay on their home loan in order to drive down their .

It was shown that the main reasons for Britons failing to pay off their debt included lack of awareness regarding the current details of their loan.

While 31 per cent of those questioned admitted to not knowing the interest rate on their , 42 per cent said they were unaware of the total cost of their home loan and one-quarter noted they were not aware of whether or not they were able to overpay what they owe.

Richard Tolchard, senior mortgage manager at First Direct - which is a trading name of HSBC Bank - said: "People continue to try to put some money to one side and mortgage holders are no different in also wanting to pay down their loan."
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