Abbey: People are finding spare money for mortgage
Tuesday, 26th August 2008

Even though the current economic climate is tightening budgets, people are finding spare money for mortgage overpayments, it has been revealed.

High street bank Abbey released the results from its survey which found that just over one in ten people planned to make an overpayment on their mortgage.

This statistic is three times more than the four per cent of people that the company noted were planning to make an underpayment or take a payment holiday.

Director of Abbey Mortgages Phil Cliff said: "It's great to see that people are quite rightly prioritising their mortgage payments ahead of other financial commitments - having a smaller mortgage can mean you get a better deal when you remortgage and of course reduces future monthly outgoings."

Earlier this month, Abbey noted that the Monetary Policy Committee's decision to hold rates at five per cent were due to concerns for both high inflation and slowing economic activity.