• Home
• News
• About Us
• Contact Us
• Buy Legal Documents
• Take on my case

Posted by Emily Swanson

Britons could be well advised to pay off their debts or mortgage rather than storing cash in savings accounts during the present economic climate.

That is according to Paula John, editor-in-chief at Your Mortgage, who believes concentrating on such repayments is currently "more cost effective" than planning for the future.

Ms John explained there has been an upturn in the number of people looking to overpay on their home loan in recent times, but urged more individuals to do the same in order to take full advantage of the low interest rates on offer.

Figures published by first direct recently showed that while 41 per cent of mortgage holders stash money away for the future, just 21 per cent regularly go over their allotted repayment sum.

However, Ms John insisted: "It doesn't actually make sense and doesn't add up for you to be putting money into a savings account and not using it to pay down debt instead."

01/02/2012 13:24