Mortgage holders advised to pay off early

Posted 2008-02-8

Mortgage experts John Charcol advised mortgage holders to stay on top of their repayments and to try and pay off their mortgages as soon as possible.
The advantage to paying off mortgages at the same rate, rather than dropping payments to the reduced base rate, gives homeowners the ability to pay off their mortgage early.
“For many people, the mortgage is what dictates when you can retire,” stated Katie Tucker, spokesperson for John Charcol. Adding, “By paying it off even a few years early it can make a difference to your quality of life not only because of age, but because of the money you free up to spend on other things.”
The independent mortgage group found that many first-time home buyers are couples moving in together. For people buying their first home or moving to another, a home loan may give an initial financial boost.
Over-all, paying off debt as early as possible during the current atmosphere of the consumers’ squeeze can only serve to protect individuals from the rising cost of loans and credit.

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