Scottish homeowners making mortgage overpayments

It has been revealed that 32% of mortgage holders in Edinburgh than 24% of those in Glasgow have been overpaying their mortgages in an attempt to take advantage of relatively low UK mortgage rates. The report by Lloyds banking group confirms that UK consumers are taking heed of the economic downturn and the resulting low interest rates which have impacted upon a number of financial markets.

It is interesting to see that so many people in Scotland have sufficient funds put to one side to arrange overpayments of their mortgages at a time when many people in the UK are struggling to survive. There are no figures available for other areas of Scotland although when you consider that Edinburgh and Glasgow are the prominent employment hotspots then perhaps the figures may not be as high in other areas of the country.

If you are looking to make overpayments on your mortgage, to take advantage of low interest rates, it is vital that you take professional financial advice because there may be other options available. If you have a high interest rate credit card debt then perhaps you should be looking towards this particular area of your finances before overpaying your mortgage?