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Posted by Helen Jones

Homeowners across Britain should regularly review the finer points of their mortgage deal in order to ensure they are benefitting from the best possible rate available to them.

That is the opinion of Catherine Hearnden, director at My Mortgage Direct, who has said that people with interest-only home loan packages should particularly take note of this advice as they can make the most of the current low base rate by either switching to a repayment product or through making overpayments.

Ms Hearnden explained that outlaying more than is necessary on mortgage repayments represents a good idea when possible, but noted that many prefer not to do this due to the short-term financial effects.

"People don't take it seriously because if they are in the first five years of a 25-year mortgage, it doesn't seem important," she continued.

This comes after the Council of Mortgage Lenders recently revealed that mortgage lending fell by 26 per cent in January this year.
 

16/03/2011 16:00