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Wednesday 27th August 2008
More than one in ten homeowners are planning to overpay on their mortgages, as they try to cut back on their debts.
According to Abbey, which conducted research in to the subject, this group outnumbers those who are looking to either take a repayments holiday or cut back on their repayments by around three to one.
Region by region, the south east of England was found to be the area in which the overpayment plans were most widespread, with one in five homeowners interested in the idea.
However, this ratio declined to eight per cent in Wales and the south west.
The ongoing credit crunch has hit many people's personal finances hard, limiting many people's capacity to pay.
Phil Cliff, Director of Abbey Mortgages, commented: "A large proportion of mortgages offer borrowers flexibility and the research shows that many people are planning to take advantage of these benefits."
He added: "It's great to see that people are quite rightly prioritising their mortgage payments ahead of other financial commitments - having a smaller mortgage can mean you get a better deal when you remortgage and of course reduces future monthly outgoings."
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