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Have mortgage holders missed an opportunity to cut short their payment periods?

Even though we have seen an increase in mortgage rates over the last few days they are still significantly lower than they were 18 months ago when the UK recession began to hit home. However, the Bank of England has released figures showing that very few UK mortgage holders have taken advantage of lower rates to repay more of their capital. While many people may not be in a position to repay over and above their set mortgage figure there are some people who have remained relatively unscathed by the recession.

We must all remember that any capital which is repaid with regards to your mortgage will not attract interest in the future so therefore the quicker you can repay any capital the less interest charges you will incur in the future. The impact over a 20 year mortgage period can be substantial although unfortunately a large number of UK mortgage holders do not appear to appreciate this opportunity. Perhaps by the time some mortgage holders do have extra money to make extra capital repayments, mortgage rates will be significantly higher?

If you have any queries or you are concerned about your mortgage arrangements you should take professional advice at the first opportunity.

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