Mortgage Borrowers Overpay

‘A substantial minority of recent mortgage borrowers have taken advantage of low interest rates to pay off their loans more quickly, lenders say.

Research by the Council of Mortgage Lenders (CML) shows that one third of the nearly seven million new borrowers since 2005 have deliberately overpaid.

The CML says the extra payments have amounted to £31bn. This in turn has made a significant improvement to the financial position of these households. Its research found that the average overpayment per mortgage amounted to £13,400 although there was a wide range in the value of the payments.

“Half of all overpaying on their mortgage have done so by £5,000 or less,” the CML said. “But there is also a sizeable number making significantly larger overpayments, with 10% overpaying by more than £20,000.”‘

Source: BBC News

NICOLA HALL

BILSHAN MENSAH

Sam Inkersole

In 2022, Sam won the Taxation’s Rising Star award at the Taxation Awards in and was named in the Accountancy Age 35 Under 35.

Jon Wedge

While Jon’s client work focuses on the financial services sector, he also oversees the firm’s assurance service, as well as supporting the trainees following in his footsteps.

ELANA DIMMER

Elana joined us in 2017 as an ACA trainee, after graduating from Durham University where she had studied languages. She is now a manager in our assurance team.

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