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UK consumers using savings to pay off mortgage

The average Briton has "overpaid" their mortgage arrangement by £3,000 since the recession began in 2007. Despite the fact that many in the UK are now struggling to make ends meet on a monthly basis it seems as though many took a sensible approach as they saw the hard financial times approaching. Ever increasing concern about the security of jobs in the UK, at least in the short-term, would appear to be a major factor in all the over-payment of mortgages but there are hopes that job security will improve during the 2010.

One issue which we need to be aware of in the short to medium term is the fact that many consumers in the UK would never have thought the recession would last as long and be so deep. As a consequence many have seen their savings hit rock bottom and budgets become tighter and tighter as the months roll on. Even if you believe you have excess capital on a regular basis you should take professional financial advice to see exactly where you should focus your resources.

Whether paying off your mortgage when rates are so low is the right move for you or whether you should be looking to reduce for example credit card debt, which could attract a significantly higher rate of interest, is something that you need to consider.

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